On Monday, U.S. President Donald Trump ordered a five-day postponement of planned military strikes against Iranian power plants and energy infrastructure. The delay pauses a 48-hour ultimatum demanding Tehran reopen the Strait of Hormuz or face the destruction of its power grid.
In a Truth Social post, Trump stated the United States and Iran have held productive conversations over the past two days regarding a resolution to Middle East hostilities. According to Axios, Trump claimed the U.S. is negotiating with a senior Iranian official. Reports indicate White House envoy Steve Witkoff met with intermediaries from Turkey, Egypt, and Pakistan, who separately met with Iranian Foreign Minister Abbas Araghchi to discuss ending the war.
Think about it, Trump was OBVIOUSLY lying about the Iran negotiations he posted on Truth Social to drive the Stock Market up, and Oil Down this morning, THE FIVE DAY DELAY IN THREAT TO BLOW UP THE VITAL ELECTRICAL HUBS OF IRAN, WAS OF COARSE A LIE TOO. If I'm right, count down to… pic.twitter.com/6I67yxGkdg
— Wyatt Washburn (@WyattWashburn2) March 23, 2026
The initial deadline for the U.S. ultimatum is scheduled to expire on Monday at 2344 GMT. In contrast to the claims from Washington, Iranian state media and the foreign ministry publicly denied that any direct negotiations are taking place, stating the U.S. backed down due to Iran’s severe retaliatory threats.
Following the postponement announcement, global markets reacted sharply. By 1245 GMT on Monday, the price of Brent crude oil tumbled 13 percent to drop below $100 before settling around $101.80 a barrel. U.S. stock futures reversed early losses to gain approximately 1.3 percent.
The current hostilities, now entering a fourth week, ignited on February 28, 2026, when the U.S. and Israel launched a joint offensive on Tehran dubbed Operation Epic Fury. The initial strikes resulted in the deaths of over 1,340 people, including Iran Supreme Leader Ali Khamenei.
In retaliation to the February strikes, Iran launched drone and missile attacks and closed the Strait of Hormuz to U.S. and Israeli-linked vessels, cutting off a waterway responsible for a fifth of global oil and liquefied natural gas flow. Prior to the five-day pause, Iran’s Defence Council threatened catastrophic retaliation if the U.S. attacked its energy sector, warning it would lay naval mines across the Persian Gulf and systematically destroy power grids, desalination plants, and oil facilities across Israel and U.S.-allied Gulf states.