Oil prices tumbled sharply as Trump announced a five-day postponement of military strikes on Iranian energy infrastructure, citing productive diplomatic conversations. Iran denies any negotiations took place.
US President Donald Trump announced on 23 March 2026 that he has ordered the Department of Defense to postpone planned military strikes against Iranian power plants and energy infrastructure for five days, citing two days of what he described as “very good and productive conversations” with Iran aimed at a complete resolution of the conflict.
Trump posted on Truth Social that the discussions were in depth, detailed, and constructive, and that talks would continue through the week. He claimed Iran initiated the outreach, stating the country called to discuss ending the war through diplomacy, and that both sides have “major points of agreement.” He also indicated that discussions could include a shared arrangement for control of the Strait of Hormuz.
Iran’s foreign ministry and parliament speaker both denied that any negotiations had taken place since the start of the war, with Tehran accusing Trump of spreading claims to influence oil prices. Iran also warned it would strike electrical plants and desalination facilities across the Middle East if US strikes on its power stations proceed.
Global markets reacted swiftly. Brent crude fell from approximately $114 to around $100 per barrel before partially recovering after Iran’s denial. The development is the most significant potential de-escalation signal in the 24-day-old conflict, though the situation remains fluid with no confirmed details on the venue, participants, or substance of the reported talks.
Source: Al Jazeera / CNBC / Reuters / Jerusalem Post
