The president Donald Trump suspended for five days his threat to destroy Iranian power plants after what he described as “productive” talks with that country, which caused a sharp drop in oil and a dizzying rise in stocks.
“I have instructed the War Department to postpone any and all military attacks on power plants and Iranian energy infrastructure for a period of five days, subject to the success of ongoing meetings and discussions,” he wrote on his social media platform.
The publication occurs after the president threatened a 48-hour ultimatum to “fully open” the vital Strait of Hormuz over the weekend. Tehran responded by threatening to “completely” close and mine the sea route.
Oil plunged more than 11%, with Brent briefly falling below $100 a barrel. Futures, European stocks and Treasuries rose sharply.
Iran threatened to lay mines and attack energy plants in the Persian Gulf as Trump’s deadline approaches.
