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Oil Prices Climb as Trump Escalates Iran Pressure, Strait of Hormuz Risks Grow 
Tensions in the Middle East escalated sharply as Iran launched multiple waves of missiles targeting Israel, triggering air raid sirens across the country, including Tel Aviv. The Israeli military confirmed the attacks, reporting that falling debris from intercepted missiles damaged homes in northern Israel, though no fatalities were recorded.
The strikes came even as U.S. President Donald Trump announced that Washington and Tehran had engaged in what he called "very good and productive" talks aimed at achieving a "complete and total resolution of hostilities in the Middle East." As a result, Trump delayed by five days his earlier threat to strike Iran's energy infrastructure. The announcement briefly lifted global markets and pushed oil prices below $100 a barrel.
However, those market gains quickly reversed after Iranian parliament speaker Mohammad Baqer Qalibaf flatly denied that any negotiations had taken place, calling Trump's claims "fake news" designed to manipulate oil and financial markets. Iran's Revolutionary Guards also dismissed Trump's statements as psychological operations, vowing to continue their military campaign.
Despite the contradictions, diplomatic channels remain active. A European official noted that Egypt, Pakistan, and Gulf states were relaying messages between both sides. A Pakistani official revealed that direct talks could take place in Islamabad as early as this week, with U.S. Vice President JD Vance, along with envoys Steve Witkoff and Jared Kushner, expected to meet Iranian officials there.
Iran has kept the Strait of Hormuz — a critical passage for roughly 20% of the world's oil and liquefied natural gas supply — effectively closed since hostilities began on February 28, resulting in over 2,000 casualties. Brent crude futures rebounded more than 4% to over $104 per barrel on Tuesday, reflecting the continued instability gripping global energy markets as the conflict shows no clear path toward resolution.
