Tomás Ó Flatharta

Main developments

President Donald Trump said he would “suspend the bombing and attack of Iran for a period of two weeks” subject to Iran reopening the Strait of Hormuz.

Iran’s foreign minister said his country’s armed forces would halt military operations and allow safe passage through the Strait of Hormuz if the US stops its attacks.

Brent crude, the international benchmark, fell 5 per cent, while WTI, the US benchmark, fell 9 per cent.

Pakistan had requested Trump extend his 8pm ET deadline for bombing civilian infrastructure in Iran and asked the Islamic republic to reopen the Strait of Hormuz.

Trump had on Tuesday morning escalated his rhetoric against Iran and warned that a “whole civilization will die tonight” if Tehran does not strike a deal to reopen the Strait of Hormuz by his deadline.

The US president had previously warned of major attacks on Iran’s bridges and power plants if Tehran did not agree to his deadline.

Attacks on “objects indispensable to the survival of the civilian population” are prohibited under international law. – Source : Financial Times