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The agreement was made public by Trump through a social media post after Pakistan appealed for more time and proposed a cooling-off period. The plan called for both sides to halt hostilities for two weeks while ensuring that vessels carrying oil, gas and other goods could pass through the strategic waterway without interference.
At the White House on Monday, Trump said discussions were ongoing and described some Iranian participants as engaging in “good faith,” though he noted that uncertainty still surrounded the outcome of the negotiations. He also pointed out that Iran had not accepted proposals calling for a ceasefire, instead pushing for an immediate halt to hostilities, reconstruction efforts, and the lifting of sanctions.
The sharp market reaction followed a strongly worded social media post by Trump on Sunday, in which he warned that the United States would target critical Iranian infrastructure if ships were not allowed safe passage through the vital shipping lane by Tuesday.
He repeated an earlier threat to unleash "hell" but told US media there was a "good chance" of a deal being reached with Tehran.
Energy executive Mohamud Salat says global fuel crises can spur innovation and cleaner alternatives, but warns Kenya’s weak refining capacity and stalled Turkana oil plans limit long-term gains.
Thirty Three Energy CEO Mohamud Salat warns that rising tensions around the Strait of Hormuz could disrupt up to 20% of global oil supply, driving sustained high fuel prices and exposing Kenya’s heavy import reliance.
The statement further explained that Iran continues to support the movement of commercial ships through the strait, provided they are not involved in activities considered hostile and comply with safety measures issued by Iranian authorities.
The disruption highlights ongoing pressure in the fuel supply chain, with firms racing to maintain stability as consumers face intermittent stock-outs across parts of the country.
Speaking during a Radio Generation interview on Thursday, Kaluma warned that how both consumers and suppliers respond to perceived shortages could place unnecessary pressure on the fuel supply chain.
In a post on X on Thursday, he highlighted the prolonged closure of the Strait of Hormuz as a particular concern, noting it is “choking the movement of oil, gas & fertilizer at a critical moment in the global planting season.”
He said attacks on civilian infrastructure may constitute war crimes and called on all states to act urgently to end the conflict.
The ongoing war in Iran has disrupted global oil supplies, pushing crude prices higher and increasing fuel costs. Geopolitical analysts warn that oil prices could remain high for years as markets struggle to recover.
The threats come as the Strait of Hormuz, a vital conduit for around a fifth of global oil and liquefied natural gas supplies, remains effectively closed, sending European gas prices surging as much as 35% last week.
The coalition accused Iran of carrying out attacks on unarmed commercial vessels in the Gulf and targeting civilian infrastructure, including oil and gas installations, while also enforcing what it described as a “de facto closure” of the strategically vital Strait of Hormuz.
The Secretary-General’s warnings come amid escalating unrest across the Middle East, where fears of a wider confrontation are growing. He noted the actions already taken by the United Nations Security Council, including directives to cease hostilities and ensure that critical maritime routes remain open.
Asian stock markets mostly declined amid uncertainty, while governments and diplomats seek ways to ensure safe tanker passage through the strategic waterway, a key route for global energy supplies.
Speaking on Monday, he urged major nations including China, France, Japan, South Korea, and the UK to join efforts to reopen the vital oil transit route, which has faced threats amid escalating Middle East tensions.
The US president said he hoped China, France, Japan and South Korea would also send ships to the passage, where a number of tankers are said to have been attacked since the US and Israel mounted their war against Iran a fortnight ago.
The Strait of Hormuz is a strategic waterway through which passes nearly a quarter of the world's seaborne oil supplies, and a significant amount of cargo to and from Gulf ports.
The impact of the explosion was reportedly felt as far as 50 kilometers (31 miles) away.