Iran Accuses Trump of Manipulating Oil Prices After US Pauses Strikes on Energy Infrastructure

By Sabiu Abdullahi

Iran’s foreign ministry has dismissed US President Donald Trump’s claim of “productive” talks to end hostilities, suggesting the remarks aim to calm energy markets and gain time for military planning.

On Monday, Trump announced that Washington and Tehran had held “VERY GOOD AND PRODUCTIVE” conversations over the past two days about a “COMPLETE AND TOTAL RESOLUTION OF HOSTILITIES IN THE MIDDLE EAST”. He added that he had instructed the US Department of War to postpone all strikes on Iranian power plants and energy infrastructure for a five-day period. This announcement came just hours before the deadline of his ultimatum demanding that Iran reopen the Strait of Hormuz, warning that failure to comply would result in Tehran being “obliterated.”

Iran’s foreign ministry rejected the notion of direct negotiations with the US. It stated that while regional countries had initiated efforts to reduce tensions, “all requests should be directed towards the US as we did not initiate the war.”

Citing an unnamed source, Iran’s Fars news agency reported that Trump delayed military action after learning that Iran would respond by targeting all power plants in the region. The source also indicated that Tehran could lay mines across the Persian Gulf if the US proceeded with attacks on the country’s coast or islands.

The closure of the Strait of Hormuz has intensified pressure on Trump. The vital waterway is a major conduit for oil, and its disruption has caused energy prices to surge since hostilities escalated in late February.

In London, Prime Minister Sir Keir Starmer welcomed Trump’s announcement to delay strikes. His official spokesman said: “Any reports of productive talks are welcome. We have always said that a swift resolution to the war is in global interests and the Strait of Hormuz specifically needs to be reopened.”

The spokesman added that the UK was in contact with the US about the situation and had discussed safeguarding international shipping. “It has been something the prime minister has talked about since the beginning of this conflict, that we want to work with the US and international partners to develop a viable plan to safeguard international shipping and see an end to this crisis,” he said.

Financial markets responded to Trump’s announcement with modest optimism. Analysts warn, however, that prolonged closure of the Strait of Hormuz will continue to drive energy prices upward, potentially prompting multiple interest rate increases in the UK. Rising costs are expected to affect transport, fuel, and production, increasing inflationary pressures.

Meanwhile, Israel’s military confirmed fresh strikes on “Iranian terror regime targets” in Tehran, and Iranian sources stressed that the country would continue to respond and defend its territory. According to Iran’s semi-official Tasnim news agency, “the Strait of Hormuz will not return to pre-war conditions and energy markets will remain unsettled,” and no direct negotiations with the US are underway.

Trump’s announcement of a temporary pause came as he described ongoing discussions with Iran as “very good and productive,” aimed at achieving a “complete and total resolution of our hostilities in the Middle East.”

“Based on the tenor and tone of these in depth, detailed, and constructive conversations, witch [sic] will continue throughout the week, I have instructed the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions,” Trump wrote on Truth Social.

“Thank you for your attention to this matter! President Donald J. Trump”