Following US President Donald Trump’s threat to destroy vital infrastructure in Iran unless it permits ships to pass through the Strait of Hormuz, oil prices saw erratic trading on Monday. Trump threatened to attack power stations and bridges if the vital canal wasn’t restored by late Tuesday US time in a profanity-filled social media statement on Sunday.
The price of Brent crude surged beyond $110 (£83.38) per barrel before declining following news of possible ceasefire negotiations between the United States and Iran. Since February 28, Tehran has threatened to target ships that attempt to use the strait in retribution for US and Israeli attacks, substantially disrupting oil and gas imports from the Middle East.
According to US, Israeli, and regional sources cited by news website Axios, the US, Iran, and a group of regional mediators are negotiating the terms of a possible 45-day truce that may result in a permanent end to the conflict.
This is “one of many ideas and [Trump] has not signed off on it,” a White House insider told the BBC. Operation Epic Fury is still ongoing. Trump will “speak more” during a press conference at 13:00 local time (18:00 BST), according to the source.
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