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US President Donald Trump on Monday extended his deadline for Iran to reopen the critical Strait of Hormuz to international shipping, saying it would hold off on strikes against Iran’s energy facilities for five days.
Shortly after Trump made the announcement on his Truth Social website, Iran’s state television posted a photo that read: “The US president backs down following Iran’s stern warning.” The reversal came hours before Trump’s self-imposed deadline for later in the day.
Writing in all caps, Trump said the US and Iran had “very good and productive discussions” that could lead to a “full and complete solution” to the war. Negotiations will continue “throughout the week,” he said.
Trump added that the suspension of his threat to attack the power plants is “subject to the success of ongoing meetings and negotiations.”
Trump did not elaborate on the discussions that took place. Iran did not immediately confirm any talks between the countries, but Iranian Foreign Minister Abbas Araghchi said he spoke by phone with his Turkish counterpart, Hakan Fidan. Turkey has previously been a mediator in talks between Tehran and Washington.
US President Donald Trump has given Iran an ultimatum: fully open the Strait of Hormuz or the US will strike Iranian energy plants. Iran has responded by threatening to keep the oil pipeline permanently closed if Trump follows suit.
Trump’s announcement came as the United Arab Emirates reported that its air defenses were trying to intercept new Iranian fire on Monday afternoon.
Earlier on Monday, Iran warned it would strike power plants across the Middle East and mine the Persian Gulf after Trump threatened to blow up power stations in the Islamic Republic if they did not restore power.
The war, now in its fourth week, has already seen dramatic changes – the assassination of Iran’s top leader, the bombing of a key Iranian gas facility and strikes against oil and gas facilities and other public infrastructure in Gulf Arab states.
The conflict has killed more than 2,000 people, rocked the country’s economy, sent oil prices soaring and put some of the world’s busiest air routes at risk.
Trump’s deadline and Iran’s promise of retaliation threatened to raise the stakes again, with potentially catastrophic consequences for people across the region.
If carried out, a US attack could cut off electricity to many people in Iran and the Gulf and knock out desalination plants that supply many desert countries with drinking water. There is growing concern about the consequences of any strikes on nuclear facilities.
The fever pitch of the rhetoric shows how the war has escalated in a way that you cannot imagine at the beginning of the conflict in Feb. 28, when the United States and Israel began bombing Iran.
Ahead of Trump’s announcement to end the strikes, Iran’s Revolutionary Guards vowed to retaliate if Trump made good on his threat, saying Iran would strike power plants in all areas that provide electricity to American bases, “and economic, industrial and energy infrastructure in which the American people have stakes.”
Oil prices have risen more than 50% since the start of the war
Oil prices remained high in early trade, with the price of Brent crude, the international standard, hovering around $112 US a barrel, up nearly 55 percent since Israel and the US started war in Feb. 28 for attacking Iran.
The war also caused wild volatility in global stock markets, as traders became increasingly concerned about the country’s energy crisis and other issues.
In addition to targeting Israeli and American bases, Iran has been hitting the energy infrastructure of its Gulf Arab neighbors.
It also has the capacity to transport ships through the Strait of Hormuz, which leads from the Persian Gulf to the open sea and where a fifth of the world’s oil is shipped, as well as other important commodities.
David Common talks to RBC chief economist Frances Donald about how the Canadian economy is faring amid the US-Israeli war against Iran and the growing energy crisis. Also, retired vice admiral Mark Norman discusses the latest threats from US President Donald Trump and what they have to say about the current strategy in the conflict. And Toronto motorist Earla Phillips talks about how rising gas prices are affecting her ability to make ends meet.
Many ships have been passing through the crisis and Iran insists it remains open – not just to the US, Israel or its allies.
On Sunday, Iranian Foreign Minister Araghchi blamed the US for the problem facing everyone, saying that Iran’s attack has caused insurance companies to close the ship for fear of paying huge claims if tanks are damaged or destroyed.
Iran has said it will completely block the vital waterway if Trump follows through on threats to attack Iranian energy plants.
Iran’s parliament speaker Mohammad Bagher Qalibaf also said that Iran would consider key infrastructure across the region – including energy and desalination facilities in key Gulf states – legitimate targets.
The number of dead in Iran in the war has exceeded 1,500, said the Ministry of Health. In Israel, 15 people have been killed by Iranian strikes. More than ten civilians from the West Bank and Gulf Arab States have been killed in the strikes.
In Lebanon, authorities say Israeli strikes targeting the Iran-linked Hezbollah militia have killed more than 1,000 people and left more than a million homeless. Meanwhile, Hezbollah has fired hundreds of rockets at Israel.
