US-Iran War Over? Trump Suddenly Announces Halt to Attacks on Tehran

US President Donald Trump has stated that the United States and Iran have held “very good” talks to end the three-week Middle East war. He revealed this in a social media post on Monday US time. Trump said Washington and Tehran have conducted “productive conversations” over the past two days towards a “complete and total resolution” of hostilities in the Middle East. Trump emphasised that he has instructed the Pentagon to “suspend all military attacks on Iran’s power plants and energy infrastructure for five days, conditional on the success of the ongoing meeting”. “The US and Iranian sides will continue to talk throughout the week,” AFP quoted Trump again on Tuesday (24/3/2026). Trump’s statement is surprising. Previously, Trump had threatened to attack Iran’s power plants if they did not reopen the Strait of Hormuz shipping route, on Tuesday night. Nevertheless, in Iran, media quoted a statement from the foreign ministry denying any such talks. Iran instead suggested that Trump is attempting to lower energy prices that have surged due to the war. Meanwhile, US-Israel attacks are still being retaliated against by Iran by restricting traffic through Hormuz, the main route for one-fifth of global crude oil, and attacking energy sites and US embassies across the Gulf as well as targets in Israel. The head of the International Energy Agency, Fatih Birol, warned last night that if the war drags on, daily oil losses would bring the world a crisis worse than the combined impact of the 1970s oil shocks and Russia’s invasion of Ukraine. Oil prices have surged above $100 per barrel due to the conflict. However, following Trump’s announcement on Monday, oil prices dropped sharply. North Sea Brent crude, the international benchmark, plunged more than 14% to $96.00 per barrel. Meanwhile, the main US oil contract, West Texas Intermediate, fell more than 14% to $84.37 per barrel.