• Donald Trump says there have been “productive conversations” about a “complete and total resolution” to the conflict in the Middle East
• Oil prices plummeted and European stocks rebounded after Trump’s announcement
• Iranian officials claim Trump backed down after being warned that Iran would target power plants across the Gulf and in Israel
• Donald Trump threatened on Sunday that Iran had 48 hours to open the Strait of Hormuz to all traffic to avoid strikes that would “hit and obliterate” Iranian power plants
• Iran said it would retaliate to any attack on its electricity by ‌targeting Israel’s power plants
• The crisis surrounding Iran’s chokehold on the Strait of Hormuz has created a global economic crisis, causing surging energy prices

Key Reads

• Double fuel allowance, excise duty cut and a haulier rebate to ease energy costs
• Michael Jansen: Consequences of war in Iran set to be long-lasting
• Escalation of war feared as Iran issues counter threats to US
• US mulls Kharg island takeover to pressure Iran into opening Strait of Hormuz