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US-Iran 'Truce During War' Negotiations and Oil Price Volatility
Trump's Negotiation Announcement and Iran's Rebuttal
US President Donald Trump recently announced that talks with Iran have restarted for the first time since the war began, following a unilateral declaration of a 'five-day pause in strikes against Iran's power grid.' Trump claimed Iran 'wants to make a deal,' suggesting it would involve Iran having no nuclear weapons, zero uranium enrichment, reduced ballistic missiles, handing over 400kg of stockpiled uranium, and reopening the Strait of Hormuz. These terms are similar to a deal the US walked away from in Oman in February. However, Mohammad Bagher Ghalibaf, the speaker of Iran's parliament, dismissed Trump's claims as 'fake news,' stating no negotiations have been held. Iran's Foreign Ministry spokesperson Esmaeil Baghaei also denied direct talks but confirmed messages have been expressed through a number of friendly countries including Turkey, Qatar, Egypt, and Pakistan.
Oil Price Plunge and Middle East Uncertainty
Immediately following Trump's announcement, oil prices plunged by 12% to below 100 dollars per barrel, though they are now creeping back up, indicating significant volatility. This timing, just before US markets reopened, suggests a potential ploy to manipulate financial markets. An Iranian military spokesperson stated that Iran and its regional Gulf neighbors can secure the Strait of Hormuz and ensure safe passage, criticizing the US and Israel for being 'trapped.' Currently, Iran's government and defenses have been decimated, but it holds a powerful bargaining chip in the Strait of Hormuz. Meanwhile, Israel is reportedly running low on interceptors and aims to seize Southern Lebanon before fighting stops. What happens in the next five days will determine whether all sides have exhausted their ability or willingness to continue fighting and whether world leaders can force them to see the bigger picture.
*Source: YouTube: Al Jazeera English (2026-03-24)*
