Brent oil price has rebounded to over $100 despite Trump’s claims of talks with Iran
European Commission President Ursula von der Leyen has warned of a “critical energy situation” as turmoil continues on gas and oil markets.
Her comments come as US President Donald Trump claimed that the Strait of Hormuz could be “open very soon” if diplomatic talks go well with Iran. Tehran, however, has dismissed reports that any discussions have taken place.
Following Trump’s promised reprieve, Brent oil prices plunged more than 13%, but soon rebounded to over $100 on Iran’s rejection.
In addition, a gas pressure regulation station in the Iranian city of Isfahan and a gas pipeline to the Khorramshahr power plant were both reportedly damaged on Monday – although it remains unclear whether the strikes came before or after Trump said he had called off US strikes targeting Iranian energy facilities for at least five days.
Israeli PM Benjamin Netanyahu said that while his “friend” Trump seeks to “leverage the massive achievements of the IDF and the US military” in potential talks, Israel is “continuing to strike” both Iran and Lebanon to keep up the pressure.
Trump upped the ante over the weekend, threatening strikes on Iranian energy facilities if Tehran did not lift its threat to shipping in the Strait of Hormuz, to which Iran responded by publishing a list of power stations and energy facilities across the Gulf that it would target.
Trump has announced that he called off strikes targeting Iranian energy facilities, following alleged “productive conversations” with Tehran. Trump also claimed that there will be “a very serious form of a regime change” inside Iran. Tehran has denied that any conversations took place with the US.
Asked if Iran would still be able to control the crucial waterway, one of the world’s busiest oil shipping channels, Trump replied it would be “jointly controlled” by him and “whoever the next Ayatollah” is. Tehran, however, has already announced the Islamic Republic’s new Supreme Leader, Mojtaba Khamenei.
Pakistan has reportedly offered to host direct talks between the US and Iranian officials. However, the White House has refused to confirm or deny a Reuters report that US envoys Steve Witkoff and Jared Kushner, and Vice President J.D. Vance were expected to travel to Islamabad later this week.
Follow our live coverage below for continuous updates. You can also read our previous updates here.
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