Facing a convulsing stock market, the president moved Thursday to buy himself more time and hold off on carrying out a threat to obliterate Iran’s energy plants over its effective closure of the Strait of Hormuz.
Trump said he was delaying taking potential action because talks aimed at ending the conflict are going “very well,” despite the fact that Iran continues to publicly insist it is not negotiating with the White House on a 15-point proposal — delivered by Pakistani intermediaries — to end the war. He said Iran asked for the grace period.
“They asked for seven (days),” Trump said in an appearance on Fox News Channel’s “The Five,” shortly after he announced on social media that he would give Iran until April 6 to reopen the strait. “And I said, ‘I’m going to give you 10.’”
This was not the first time Trump has appeared to have been jostled into adjusting policy in the face of market volatility.
Draft UN resolution on free navigation in Strait of Hormuz under discussion, French foreign minister says
Jean-Noël Barrot said at a news conference that the discussions are continuing in New York on the resolution for what he called a “strictly defensive” international mission for the vital waterway.
Barrot said the mission would escort ships and ensure traffic can resume as quickly as possible once “calm” is restored. The hope is that such a multilateral mission would help lower energy prices.
Barrot added he has been consulting with his counterparts in the Gulf, especially Bahrain, the Arab representative to the U.N.’s most powerful body and one of several countries targeted by Iranian drones or missiles since the U.S. and Israel began striking Iran on Feb. 28.
Iran starts to formalize its chokehold on the Strait of Hormuz with a ‘toll booth’ regime
Iran has started demanding vessels give up detailed information and detour into Iranian waters before being vetted by its Revolutionary Guards — and in some cases, vessels have paid for passage through the strait.
The shipping information firm Lloyd’s List Intelligence calls it “a de facto ‘toll booth’ regime.” Oil is prioritized and vessels are subject to “geopolitical vetting,” Lloyd’s said, with the tolls paid in yuan, China’s currency.
Iran’s approach may violate international law.
Traffic through the Strait has fallen by 90% since the start of the war, sending global oil prices skyrocketing and creating alarming shortages in the Asian nations that get their oil from producers in the Persian Gulf. Yet ships with connections to Iran and its chief energy customer, China, continue to transit the Strait.
Trump delays threat to obliterate Iran’s energy plants until April 6
Trump said Thursday he’ll extend his deadline for Iran to open the Strait of Hormuz until April 6, pulling back on his earlier threat to bomb Iran’s energy plants if Tehran didn’t open the critical waterway.
Iran had threatened to retaliate against the region’s vital infrastructure, like desalination facilities, if Trump followed through.
Trump said he was holding off on carrying through his threat because talks aimed at ending the conflict are going “very well.” (AP)
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