Donald Trump announced that at the request of the leaders of Saudi Arabia, Qatar and the United Arab Emirates, he had postponed the attack on Iran planned for Tuesday.
Crude oil gave up its earlier gains on Monday after the US president's words. Oil futures Brent are listed on Monday evening at just under $109. per barrel. Earlier in the day, the price rose to $112.
“The Emir of Qatar, Tamim ibn Hamad Al Thani, the Crown Prince of Saudi Arabia, Mohammed ibn Salman al Saud, and the President of the United Arab Emirates, Mohammed ibn Zayed al Nahajjan, have asked me to suspend the planned military attack on the Islamic Republic of Iran tomorrow, as serious negotiations are currently underway and, in their opinion, as Great Leaders and Allies, an agreement will be reached that will be fully acceptable to the United States. United States of America, and to all countries in the Middle East and beyond,” Trump wrote on the Truth Social social media platform.
He added that he instructed US forces to refrain from attacking, but also to be ready to launch a “full, large-scale attack on Iran at any time in the absence of an acceptable agreement.”
On Monday, Brent crude futures prices rose again to $112. per barrel, amid deepening uncertainty over U.S. negotiations with Iran aimed at reopening the key Strait of Hormuz.
According to Axios, Iran has submitted an updated peace proposal aimed at ending the conflict, but the White House reportedly considers it insufficient to reach an agreement. Iran's Tasnim news agency reported that Tehran still considers US conditions too demanding, despite amendments in the latest draft. This indicates that the impasse over the conflict and the Strait of Hormuz remains unresolved.
Meanwhile, the US Treasury Department issued a license temporarily lifting sanctions on the purchase of Russian crude oil transported by sea. This is the third such case of American concessions since the outbreak of the war with Iran.
In addition, the US is considering temporarily lifting sanctions on Iranian oil, which is a key demand of Tehran. Despite such information, the oil market is still seeing growth.
