Donald Trump announces Iran deal talks and extends Strait of Hormuz deadline amid escalating war and rising global economic and security concerns
TOI GLOBAL DESK | TOI GLOBAL | Mar 23, 2026, 19:47 IST
Oil slides after Trump delays Iran attack
In a recent statement, President Donald Trump emphasized that Iran is looking for diplomatic solutions. US diplomats engaged in discussions with an Iranian official as tensions rise. The reopening deadline for the vital Strait of Hormuz has been pushed back, offering a glimmer of hope.
U.S. President Donald Trump announced Monday that Iran wants "to make a deal" and that U.S. envoys have been holding talks with a "respected" Iranian leader, extending a deadline for Iran to reopen the Strait of Hormuz to international shipping and holding off on threatened strikes against Iranian power plants for five days. Trump's son-in-law Jared Kushner and Middle East special envoy Steve Witkoff conducted talks Sunday into the evening, with discussions expected to continue. This development comes after a period of escalating rhetoric and threats between the U.S. and Iran, which has already resulted in a war in its fourth week with significant casualties and global economic repercussions.
President Donald Trump stated that Iran wants "to make a deal." He also claimed that U.S. envoys have been holding talks with a "respected" Iranian leader. Trump informed reporters on Monday that his Middle East special envoy Steve Witkoff and his son-in-law Jared Kushner conducted talks Sunday into the evening. He indicated that these talks would continue today. Trump did not name any specific Iranian official involved in these discussions. He clarified that the U.S. has not spoken with Supreme Leader Ayatollah Mojtaba Khamenei.
President Donald Trump extended his deadline for Iran to reopen the crucial Strait of Hormuz to international shipping. He announced on Monday that the U.S. would hold off on threatened strikes against Iranian power plants for five days. In his announcement on Truth Social, Trump also held out the possibility of a resolution to the war. This occurred despite Iranian officials denying that any negotiations were taking place. Trump's apparent turnaround offered a reprieve after rhetoric had reached a fever pitch. The U.S. and Iran had traded threats with potentially catastrophic repercussions for civilians across the region.
Shortly after Trump's announcement, and hours before the deadline was set to expire, Iranian state television declared that the American leader had backed down. This was attributed to "following Iran’s firm warning." The war, now in its fourth week, has already witnessed several dramatic turning points. These include the killing of Iran’s supreme leader, the bombing of a key Iranian gas field, and strikes targeting oil and gas facilities and other civilian infrastructure in Gulf Arab nations. The conflict has resulted in over 2,000 deaths. It has also shaken the global economy, sent oil prices surging, and endangered some of the world’s busiest air corridors.
The latest threatened attacks could have had severe consequences. They could have cut electricity to wide swaths of people in Iran and around the Gulf. They also threatened to knock out desalination plants that provide many desert nations with drinking water. There are increasing concerns about the potential consequences of any strikes on nuclear facilities.
Trump had previously issued a deadline and then extended it. Over the weekend, Trump had stated that the U.S. would "obliterate" Iran’s power plants. This threat was contingent on Iran releasing its stranglehold on the Strait of Hormuz within 48 hours. That deadline would have expired late Monday Washington time.
However, on Monday morning, Trump wrote on his Truth Social site that the U.S. and Iran have had "very good and productive conversations." He suggested these conversations could yield "a complete and total resolution" in the war. Trump added that the suspension of his threat to attack power plants was "subject to the success of the ongoing meetings and discussions."
Trump did not provide further details on the negotiations that had taken place. The state-owned IRAN newspaper reported that Iran’s Foreign Ministry denied that any such talks had occurred. "Remarks by the U.S. president are part of efforts to reduce energy prices and buy time to implement his military plans," the newspaper stated.
Earlier, Iranian Foreign Minister Abbas Araghchi mentioned he spoke by phone with his Turkish counterpart, Hakan Fidan. Turkey has previously served as an intermediary in negotiations between Tehran and Washington. President Abdel-Fattah el-Sissi also stated on Monday that Egypt has delivered "clear messages" to Iran. These messages focused on de-escalating the conflict, according to his office.
Iran had threatened retaliation. Iran’s paramilitary Revolutionary Guard promised retaliation if Trump followed through on his threat. They stated that Iran would hit power plants in all areas supplying electricity to American bases. This would also include "the economic, industrial and energy infrastructures in which Americans have shares."
Iranian parliament speaker Mohammad Bagher Qalibaf said Iran would consider vital infrastructure across the region to be legitimate targets. This included energy and desalination facilities critical for drinking water in Gulf nations.
Iran’s semiofficial Fars news agency, which is close to the Revolutionary Guard, published a list of such facilities. This list included the United Arab Emirates’ nuclear power plant. Over the weekend, Iran launched missiles targeting Dimona in Israel, near a facility key to its long-suspected atomic weapons program. The Israeli facility was not damaged. In the wake of Trump's turnaround, Fars and the Tasnim news agencies portrayed the American president as backing down.
"Since the start of the war, messages have been sent to Tehran by some mediators, but Iran’s clear response has been that it will continue its defense until the required level of deterrence is achieved," Tasnim’s report said. "With this kind of psychological warfare, neither the Strait of Hormuz will return to pre-war conditions nor will calm return to energy markets."
With the U.S. deploying more amphibious assault ships and additional Marines to the Middle East, Iran also warned against any ground attack. "Any attempt by the enemy to target Iran’s coasts or islands will, naturally and in accordance with established military practice, lead to the mining of all access routes ... in the Persian Gulf and along the coasts," Iran’s Defense Council warned. Trump has stated he has no plans to send ground forces into Iran. However, he also said he retains all options. Israel has suggested its ground forces could take part in the war.
Oil prices had soared but dropped after Trump's announcement. Iran's chokehold on the Strait of Hormuz had wreaked havoc on energy markets. This pushed up prices of food and other goods well beyond the Middle East and sent shock waves throughout the global economy. "No country will be immune to the effects of this crisis if it continues to go in this direction," said Fatih Birol, the head of the Paris-based International Energy Agency.
Oil prices were stubbornly high in early trading Monday. However, they plunged after Trump's announcement. Jorge Moreira da Silva, a senior United Nations official, said the world has already seen a ripple effect. This included "exponential price hikes in oil, fuel and gas" that have had a far-reaching impact on millions. The impact has been primarily on developing countries in Asia and Africa.
"There is no military solution," he stated. Israel launched new attacks Monday on the Iranian capital. Israel said it had "begun a wide-scale wave of strikes" on infrastructure targets in Tehran without immediately elaborating. Explosions were heard in multiple locations in the afternoon. It was not immediately clear what had been hit.
The United Arab Emirates reported its air defense were attempting to intercept new incoming Iranian fire Monday afternoon. Israel has also targeted the Iran-linked Hezbollah militant group in Lebanon. The group has fired hundreds of rockets into Israel.
In recent days, Israel has hit many apartment buildings in Beirut. It has also bombed bridges over the Litani River in Lebanon’s south. Lebanese President Joseph Aoun called the targeting of bridges "a prelude to a ground invasion." Egypt denounced the strikes as the "collective punishment" of civilians for the actions of Hezbollah. Authorities say Israeli strikes have killed more than 1,000 people in Lebanon. They have also displaced more than 1 million.
Iran’s death toll has surpassed 1,500, its Health Ministry has said. In Israel, 15 people have been killed by Iranian strikes. At least 13 U.S. military members have been killed. More than a dozen civilians have also been killed in the occupied West Bank and Gulf Arab states.
President Donald Trump stated that Iran wants "to make a deal." He also claimed that U.S. envoys have been holding talks with a "respected" Iranian leader. Trump informed reporters on Monday that his Middle East special envoy Steve Witkoff and his son-in-law Jared Kushner conducted talks Sunday into the evening. He indicated that these talks would continue today. Trump did not name any specific Iranian official involved in these discussions. He clarified that the U.S. has not spoken with Supreme Leader Ayatollah Mojtaba Khamenei.
President Donald Trump extended his deadline for Iran to reopen the crucial Strait of Hormuz to international shipping. He announced on Monday that the U.S. would hold off on threatened strikes against Iranian power plants for five days. In his announcement on Truth Social, Trump also held out the possibility of a resolution to the war. This occurred despite Iranian officials denying that any negotiations were taking place. Trump's apparent turnaround offered a reprieve after rhetoric had reached a fever pitch. The U.S. and Iran had traded threats with potentially catastrophic repercussions for civilians across the region.
Shortly after Trump's announcement, and hours before the deadline was set to expire, Iranian state television declared that the American leader had backed down. This was attributed to "following Iran’s firm warning." The war, now in its fourth week, has already witnessed several dramatic turning points. These include the killing of Iran’s supreme leader, the bombing of a key Iranian gas field, and strikes targeting oil and gas facilities and other civilian infrastructure in Gulf Arab nations. The conflict has resulted in over 2,000 deaths. It has also shaken the global economy, sent oil prices surging, and endangered some of the world’s busiest air corridors.
The latest threatened attacks could have had severe consequences. They could have cut electricity to wide swaths of people in Iran and around the Gulf. They also threatened to knock out desalination plants that provide many desert nations with drinking water. There are increasing concerns about the potential consequences of any strikes on nuclear facilities.
Trump had previously issued a deadline and then extended it. Over the weekend, Trump had stated that the U.S. would "obliterate" Iran’s power plants. This threat was contingent on Iran releasing its stranglehold on the Strait of Hormuz within 48 hours. That deadline would have expired late Monday Washington time.
However, on Monday morning, Trump wrote on his Truth Social site that the U.S. and Iran have had "very good and productive conversations." He suggested these conversations could yield "a complete and total resolution" in the war. Trump added that the suspension of his threat to attack power plants was "subject to the success of the ongoing meetings and discussions."
Trump did not provide further details on the negotiations that had taken place. The state-owned IRAN newspaper reported that Iran’s Foreign Ministry denied that any such talks had occurred. "Remarks by the U.S. president are part of efforts to reduce energy prices and buy time to implement his military plans," the newspaper stated.
Earlier, Iranian Foreign Minister Abbas Araghchi mentioned he spoke by phone with his Turkish counterpart, Hakan Fidan. Turkey has previously served as an intermediary in negotiations between Tehran and Washington. President Abdel-Fattah el-Sissi also stated on Monday that Egypt has delivered "clear messages" to Iran. These messages focused on de-escalating the conflict, according to his office.
Iran had threatened retaliation. Iran’s paramilitary Revolutionary Guard promised retaliation if Trump followed through on his threat. They stated that Iran would hit power plants in all areas supplying electricity to American bases. This would also include "the economic, industrial and energy infrastructures in which Americans have shares."
Iranian parliament speaker Mohammad Bagher Qalibaf said Iran would consider vital infrastructure across the region to be legitimate targets. This included energy and desalination facilities critical for drinking water in Gulf nations.
Iran’s semiofficial Fars news agency, which is close to the Revolutionary Guard, published a list of such facilities. This list included the United Arab Emirates’ nuclear power plant. Over the weekend, Iran launched missiles targeting Dimona in Israel, near a facility key to its long-suspected atomic weapons program. The Israeli facility was not damaged. In the wake of Trump's turnaround, Fars and the Tasnim news agencies portrayed the American president as backing down.
"Since the start of the war, messages have been sent to Tehran by some mediators, but Iran’s clear response has been that it will continue its defense until the required level of deterrence is achieved," Tasnim’s report said. "With this kind of psychological warfare, neither the Strait of Hormuz will return to pre-war conditions nor will calm return to energy markets."
With the U.S. deploying more amphibious assault ships and additional Marines to the Middle East, Iran also warned against any ground attack. "Any attempt by the enemy to target Iran’s coasts or islands will, naturally and in accordance with established military practice, lead to the mining of all access routes ... in the Persian Gulf and along the coasts," Iran’s Defense Council warned. Trump has stated he has no plans to send ground forces into Iran. However, he also said he retains all options. Israel has suggested its ground forces could take part in the war.
Oil prices had soared but dropped after Trump's announcement. Iran's chokehold on the Strait of Hormuz had wreaked havoc on energy markets. This pushed up prices of food and other goods well beyond the Middle East and sent shock waves throughout the global economy. "No country will be immune to the effects of this crisis if it continues to go in this direction," said Fatih Birol, the head of the Paris-based International Energy Agency.
Oil prices were stubbornly high in early trading Monday. However, they plunged after Trump's announcement. Jorge Moreira da Silva, a senior United Nations official, said the world has already seen a ripple effect. This included "exponential price hikes in oil, fuel and gas" that have had a far-reaching impact on millions. The impact has been primarily on developing countries in Asia and Africa.
"There is no military solution," he stated. Israel launched new attacks Monday on the Iranian capital. Israel said it had "begun a wide-scale wave of strikes" on infrastructure targets in Tehran without immediately elaborating. Explosions were heard in multiple locations in the afternoon. It was not immediately clear what had been hit.
The United Arab Emirates reported its air defense were attempting to intercept new incoming Iranian fire Monday afternoon. Israel has also targeted the Iran-linked Hezbollah militant group in Lebanon. The group has fired hundreds of rockets into Israel.
In recent days, Israel has hit many apartment buildings in Beirut. It has also bombed bridges over the Litani River in Lebanon’s south. Lebanese President Joseph Aoun called the targeting of bridges "a prelude to a ground invasion." Egypt denounced the strikes as the "collective punishment" of civilians for the actions of Hezbollah. Authorities say Israeli strikes have killed more than 1,000 people in Lebanon. They have also displaced more than 1 million.
Iran’s death toll has surpassed 1,500, its Health Ministry has said. In Israel, 15 people have been killed by Iranian strikes. At least 13 U.S. military members have been killed. More than a dozen civilians have also been killed in the occupied West Bank and Gulf Arab states.