Iran has strongly rejected US President Donald Trump’s claims of ongoing peace talks, dismissing them as “fake news” designed to manipulate financial and oil markets.
Parliamentary Speaker Mohammad Ghalibaf said on Tuesday that no negotiations were taking place with Washington, despite Trump’s announcement that he had ordered a pause “to determine whether a broader agreement can be reached.”
Crude oil prices, which had breached the $110 mark on Monday, initially fell sharply after Trump announced a five-day delay in attacks on Iran’s power plants.
However, Brent crude surged back above $100 per barrel on Tuesday amid continued regional uncertainty.
Despite Trump’s comments, US Central Command (CENTCOM) confirmed it had carried out aggressive strikes on targets inside Iran following overnight Iranian missile attacks on Gulf nations, including Bahrain, Saudi Arabia and Kuwait.
Japan’s Prime Minister Sanae Takaichi announced that her government would release the first tranche of its oil stockpiles later this month to ease economic pressure caused by the West Asia crisis.
In a post on X, she stated that the move would ensure “no disruption whatsoever in the supply of petroleum products such as gasoline.”
She added that “maintaining peace and stability in the Middle East region, including ensuring the safety of navigation in the Strait of Hormuz, is of utmost importance to the international community.”
South Korea’s Prime Minister Kim Min-seok has cancelled his planned trip to China this week to focus on domestic economic concerns arising from the Iran conflict.
South Korea imports more than 70 per cent of its oil from the Middle East via the Strait of Hormuz. Brent crude rose 2.9 per cent to $102.84 a barrel, while West Texas Intermediate jumped 3.5 per cent to $91.20.
