WASHINGTON — President Donald Trump said he has postponed planned strikes on Iran’s electricity grid after what he described as productive negotiations aimed at de-escalating tensions in the Middle East.
In a post on Truth Social, Trump said two days of “strong and effective” exchanges with Tehran prompted him to delay attacks on key energy infrastructure for five days while talks continue.
Financial markets reacted swiftly. Brent crude fell 13% to $96 a barrel, natural gas prices also dropped sharply, and London’s FTSE 100 reversed earlier losses to close up 0.5%. UK government bond yields eased to 4.78%.
The development came just hours before the expiration of Trump’s 48-hour ultimatum over the Strait of Hormuz, a critical passage that carries roughly 20% of global oil supplies. Iran had previously moved to block the route, disrupting international trade.
Tehran, however, disputed Trump’s account. A source cited by the IRGC-linked Fars News Agency denied that any negotiations had taken place, claiming instead that the U.S. stepped back following warnings of retaliatory strikes across the region.
UK Prime Minister Keir Starmer welcomed the apparent breakthrough during a call with Trump, urging that the Strait of Hormuz be reopened to shipping.
Downing Street said a rapid de-escalation would benefit all sides. Officials discussed the situation during a COBRA emergency meeting, focusing on rising energy prices, mortgage pressures and agricultural costs.
Starmer added there was no indication the UK was a direct target of Iranian action.
Meanwhile, Israel intensified its military campaign. The Israel Defense Forces said its aircraft struck targets in central Tehran and warned the conflict with Iran and allied militants in Lebanon could continue for several more weeks.
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