New Delhi: Global oil prices saw a sharp correction after US President Donald Trump announced a five-day “pause” on all military strikes targeting Iranian power plants and energy infrastructure. Following the announcement, Brent crude—the global benchmark dropped by 7% to approximately $104 per barrel. While this marks a significant decline from recent peaks, prices remain drastically higher than the $65 per barrel seen before the conflict ignited on February 28.
In a statement shared via Truth Social and the White House’s official channels, President Trump claimed that the US and Iran have engaged in “very good and productive conversations” regarding a total resolution of hostilities. “Based on the tenor and tone of these in-depth, detailed, and constructive conversations… 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,” the President wrote, adding that the pause is strictly “subject to the success of ongoing discussions.” This move follows his earlier ultimatum to “obliterate” Iran’s energy network if the Strait of Hormuz remained closed.
Conflicting Narratives and Diplomatic Maneuvers
| Source | Perspective | Key Statement |
| White House | Optimistic/Diplomatic | “Productive conversations” toward a complete resolution of hostilities. |
| Mehr News (Iran) | Skeptical | Statements are an effort to “reduce energy prices and buy time” for military plans. |
| Fars News (IRGC) | Defiant | Claims “no direct or indirect contact” with Trump; labels pause a “defeat for the devil.” |
| Oman (Mediator) | Humanitarian/Economic | Working “intensively” on safe passage for the Strait of Hormuz to avoid economic ruin. |
The diplomatic situation remains murky, as Iran’s Fars News Agency, affiliated with the Islamic Revolutionary Guard Corps (IRGC), flatly denied any direct contact with the Trump administration. Instead, Iranian state media attributed the US pause to Tehran’s warnings that it would target energy infrastructure across the entire Gulf region if strikes continued. Meanwhile, Oman’s Foreign Minister Badr Albusaidi confirmed that Muscat is working “intensively” to establish safe passage arrangements for the Strait of Hormuz. Albusaidi, who recently characterized the US-Israel military campaign as a “grave miscalculation” in The Economist, warned that the war is causing widespread economic instability that could worsen without a permanent ceasefire.
For India, the five-day window offers a critical reprieve as the Ministry of Petroleum and Natural Gas monitors the impact on domestic fuel prices. While the 7% drop in Brent crude provides some breathing room, the continued closure of the Strait of Hormuz remains the primary bottleneck for India’s LPG and crude supplies. Market analysts suggest that if the five-day pause does not yield a concrete agreement on maritime transit, oil prices could quickly rebound toward the $110 mark by the coming weekend.
