Trump to stop striking energy for 5 days; Iran to lay mines in Persian Gulf if south Iran attacked
Meanwhile, Oman is working to reopen the Strait of Hormuz, as Asian countries are turning to U.S. oil and gas.
Editor’s note:
It’s only Monday, and already, there’s tons to catch up on with the war in Iran.
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The latest news this hour:
TRUMP TO STOP STRIKING ENERGY FOR 5 DAYS: President Trump said on March 23 that Washington and Tehran have held “very good and productive” talks over the past two days, aimed at resolving U.S.-Iran hostilities. In the same post, Trump announced that military strikes on Iranian energy infrastructure will be suspended for five days, postponing the ultimatum he issued on March 21 that threatened to decimate Iranian energy infrastructure if it did not open the Strait of Hormuz in 48 hours. Almost immediately, Brent crude oil prices plunged from $114 to less than $99 per barrel.
However, news outlets aligned with the Iranian regime said that there had been no direct or indirect communication with the U.S.
IRAN TO LAY MINES IN THE PERSIAN GULF IF SOUTH IRAN ATTACKED: Iran has vowed to expand its mine-laying operation to block all safe access routes to the Strait of Hormuz if the U.S. attacks Iran’s southern coast or islands.
The U.S. previously launched a massive attack on Kharg Island, a major Iranian oil hub responsible for 90 percent of the country’s exports. Iran’s defense council warned that any attack on Kharg will make the whole Persian Gulf as dangerous and inaccessible as the Strait of Hormuz.
IRANIAN PRISONS HOLDING AMERICANS DAMAGED: At least seven detention institutions, including Iran’s infamous Evin prison, have been damaged by aerial attacks, according to The Wall Street Journal’s analysis of satellite imagery. Evin Prison holds political prisoners, including at least three Americans Iran holds hostage and a Nobel Prize winner. Recently inmates at Evin Prison were moved to undisclosed locations.
Israel previously struck Evin Prison during its 12-day war with Iran in 2025, and in recent days Israel has warned residents living around Evin Prison to evacuate.
INTERNATIONAL ENERGY AGENCY WARNS OF GLOBAL ECONOMIC THREAT: The global economy is facing a severe threat, the International Energy Agency’s executive director said on Monday. He added that if the situation in the Hormuz Strait progresses, then no country will go unaffected by the crisis and called on oil and gas producers outside the region to increase output.
The situation is worse than the oil shocks of the 1970s and a gas market crash due to the Russia-Ukraine war. Previously, the IEA itself released 400 million barrels of oil from its reserves to ease the market, which found itself in a freefall.
OMAN WORKING TO REOPEN HORMUZ STRAIT: Oman’s foreign minister said that the country is working intensively to ensure safe shipping in the Strait of Hormuz.
He stated that the war is not of Iran’s making and warned against its escalation, which would exacerbate the economic turmoil even more.
ASIAN COUNTRIES TURN TO U.S. OIL AND GAS: U.S. gas producers are benefiting from the war in Iran, as Asian countries largely dependent on Middle Eastern supplies of gas are forced to look for alternative sources, The Washington Post reported. Cheniere and Venture Global have secured a total of $57 billion in new energy deals with Asian companies.
The most prominent example is Taiwan, which gets about one-third of its gas imports from Qatar. Taiwan now seeks to increase the share of American LNG from 10 to 25 percent by 2029. Japan and South Korea have also written up LNG deals with the U.S., and Thailand has requested more LNG deliveries.
Editor’s note:
It’s only Monday, and already, there’s tons to catch up on with the war in Iran.
We’ve got you covered. We’ll catch you up on the biggest developments, plus bring you human-interest reporting from the region you can’t get anywhere else. Subscribe now.
Stay safe out there!
Best,
Oleksandra
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Thanks for the info. American billionaires are already profiting off the Hormuz closure. Venture Global and Cheniere are being tapped by Asian countries to make up the deficit in LNG that would be coming out of the Gulf. Venture Global seems to be a relatively new company that began picking up steam with Trump's inauguration at which the two owners (Robert Pender, energy lawyer & Michael Sabel, investment banker) donated millions. Karoline Leavitt, Trump's press secretary asserts there has been no impropriety.