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Oil prices have climbed higher amid fading hopes of deescalation in the Iran war following Tehran’s denial that talks with the United States are under way.Futures for Brent crude, the international benchmark, rose nearly 2 percent on Thursday to top $104 per barrel after Tehran dismissed reports of direct negotiations with US President Donald Trump’s administration.The rise comes after oil prices eased on Wednesday following reports that Trump had shared a 15-point plan for ending the war with Iran.Iranian Foreign Minister Abbas Araghchi said in an interview with state media aired on Wednesday that Tehran was not engaged in direct talks with Washington and has “no intention of negotiating for now”.White House Press Secretary Karoline Leavitt warned on Wednesday that Iran would be “hit harder” than ever before if Tehran did not accept military defeat.Iran’s effective closure of the Strait of Hormuz, a conduit for one-fifth of global oil supplies, and its attacks on energy facilities across the Middle East have prompted a surge in energy prices worldwide.Oil prices are up more than 40 percent compared with before the US and Israel launched strikes on Iran on February 28, prompting numerous countries to implement fuel rationing and other energy conservation measures.Market-watchers say prices are likely to rise further until shipping is free to traverse the strait, despite efforts by countries to bolster supply by tapping emergency stockpiles in coordination with the International Energy Agency.While Tehran has repeatedly claimed that the strait is open to ships that are not aligned with its enemies, daily transits have all but collapsed since the start of the conflict.Four vessels were tracked transiting the waterway via their automatic identification systems on Tuesday, down from an average of 120 daily transits before the conflict, according to maritime intelligence firm Windward.

US President Donald Trump has extended his deadline for Iran to open the Strait of Hormuz by 10 days to April 6, 2026. The decision comes as talks between the US and Iran are described as 'going very well'.In a social media post, Trump stated: 'As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time.'Trump also mentioned that despite 'erroneous statements to the contrary by the Fake News Media,' talks with Iran are ongoing and progressing well. He had previously urged Iranian leaders to negotiate an end to the near-month-long war or face further assassinations of senior officials.The conflict has resulted in significant escalation, with Israel conducting strikes on Iranian targets, including the killing of Alireza Tangsiri, the Revolutionary Guards' naval commander. Iran has retaliated with strikes across the Middle East, including in Tel Aviv, Modi'in, and Jerusalem.Trump has claimed victory in the war, stating, 'In a certain sense, we have already won.' He has also criticized NATO allies and described Iran as producing 'great negotiators' but 'lousy fighters.'The US and Israel have destroyed much of Iran's naval capabilities, but Tehran still possesses smaller boats capable of laying mines and launching anti-ship cruise missiles. These could render the Strait of Hormuz impassable to shipping.Iran's foreign minister, Abbas Araghchi, accused the US of 'double standards,' citing the US support for Israel's actions in Gaza while condemning Iran's defense in the Strait of Hormuz.The conflict has resulted in a significant death toll, with over 1,900 people killed in Iran and nearly 1,100 in Lebanon. The situation remains volatile, with fears of further escalation and potential ground invasion.

Iran has issued a stern warning that it will show 'zero restraint' if its energy infrastructure is attacked again. This comes in the wake of a retaliatory strike on Israel's critical South Pars gasfield, which provides 80% of Iran's natural gas needs.Foreign Minister Abbas Araghchi stated that Iran's response to Israel's attack was a mere fraction of its capabilities, and that the only reason for restraint was respect for requested de-escalation. 'ZERO restraint if our infrastructures are struck again.'The conflict has significantly impacted Qatar's energy production, with 17% of Qatar's LNG export capacity wiped out, resulting in an estimated $20bn in lost annual revenue. The strikes have also threatened supplies to Europe and Asia.QatarEnergy's CEO, Saad al-Kaabi, revealed that repairs will sideline 12.8 million tonnes of LNG production per year for three to five years. He emphasized that the scale of the damage has set the region back 10 to 20 years.The situation has heightened tensions with Iran's Arab Gulf neighbors, who have condemned the strikes as a violation of international law. Iran has effectively blocked the Strait of Hormuz, a critical Gulf waterway through which about one-fifth of the world's oil and LNG supplies transit, driving soaring petrol prices and global concerns about rising inflation.

The Middle East remains embroiled in a cycle of violence, with Iranian barrages targeting Israel, Gulf Arab states, and northern Iraq on Tuesday. This escalation comes a day after US President Donald Trump claimed that the US was in 'very good' talks with Iran to end the war in the region soon.Despite Trump's optimistic remarks, multiple official sources in Tehran have denied any talks are underway. Iranian parliament speaker Mohammad Bagher Ghalibaf stated, 'No negotiations have been held with the US … fake news is used to manipulate the financial and oil markets.' The Iranian government remains wary of US offers of negotiation, citing past experiences where talks were followed by attacks, such as the surprise attack that killed the supreme leader Ali Khamenei and dozens of senior officials.Potential intermediaries, including Pakistan, Oman, Egypt, and others, have confirmed tentative efforts to establish channels of communication between Washington and Tehran. Iranian Foreign Minister Abbas Araghchi has been engaging in discussions with his counterparts in several countries, including Azerbaijan, Egypt, Oman, Pakistan, Russia, South Korea, Turkey, and Turkmenistan.The diplomatic activity follows a significant escalation of threats between the US and Iran over the weekend, with both sides trading warnings of potential strikes. On Monday, Trump delayed a deadline for Iran to open the Strait of Hormuz for shipping or face targeted airstrikes on its power stations. This brief reprieve drove down oil prices and boosted stocks, with the deadline now set to expire on Friday.Benjamin Netanyahu has stated that Israel will continue to strike Iran and Lebanon, targeting Hezbollah, the Iran-backed Islamist militant movement. The Israeli prime minister warned, 'There's more to come.'The conflict has already had significant economic impacts, with oil prices rising to $104 (£77) a barrel, up more than 40% since Israel and the US started the war on 28 February. Analysts warn of durable and deep disruption to the supply of oil and gas from the region, even if hostilities end rapidly, with severe economic consequences worldwide.

Iran has granted safe passage through the Strait of Hormuz to ships from select countries, including Pakistan, India, and Turkey, despite its ongoing war with the United States. The strait, a vital waterway for global oil shipments, has been effectively blocked since the conflict began on February 28, causing oil prices to skyrocket above $100 per barrel.On March 2, Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran's Islamic Revolutionary Guard Corps (IRGC), announced that the strait was 'closed' and warned that any vessels attempting to cross would be 'set ablaze' by the IRGC and the navy. This move led to a significant increase in oil prices, with Brent crude rising 2.5 percent to $105.70 on Monday, more than 40 percent higher than before the war began.Iranian Foreign Minister Abbas Araghchi revealed that Tehran had been approached by several countries seeking safe passage for their vessels, with the decision ultimately resting with the military. He confirmed that a group of vessels from 'different countries' had been allowed to pass through, although details were not provided.Pakistan was one of the first countries to have a ship pass through the strait, with a Pakistani-flagged Aframax tanker called Karachi sailing out of the Gulf on Sunday. India also secured permission for some of its vessels to pass through, with two Indian-flagged tankers carrying liquefied petroleum gas safely crossing the strait on Saturday.In addition, Turkey obtained permission for one of its ships to pass through the strait after authorities received approval from Tehran. China is reportedly in talks with Iran to secure safe passage for its crude oil and Qatari liquefied natural gas carriers, with 45 percent of China's oil imports passing through the strait.Meanwhile, France and Italy have requested talks with Iran regarding safe passage for their ships, according to reports. The US has proposed a naval coalition to secure the strait, but countries such as Germany and Greece have ruled out military involvement.

Iran's Foreign Minister Abbas Araghchi has accused the United States and Israel of causing disruptions to shipping in the Strait of Hormuz, a vital waterway through which one-fifth of the world's oil shipments pass.In a phone conversation with UN Secretary-General Antonio Guterres, Araghchi called for an end to what he described as military aggression against Iran by the US and Israel. He emphasized that every country and international institution concerned with peace and security must condemn these actions.The situation in the Strait of Hormuz has led to significant increases in oil prices, with Brent crude up 2.5% to $105.70 on Monday, more than 40% higher than before the conflict began on February 28.Several countries are reportedly in talks with Iran to secure safe passage for their ships. A senior adviser to Iran's Islamic Revolutionary Guard Corps (IRGC) had announced on March 2 that the strait was effectively 'closed' and threatened to set transiting ships 'ablaze'.US President Donald Trump has proposed a naval coalition to secure the Strait of Hormuz, but so far, no countries have pledged to join. French President Emmanuel Macron has stated that France will not participate in operations to unblock the strait, but may consider joining an escort system once fighting ends.The European Union is seeking diplomatic solutions to guarantee safe transit through the Strait of Hormuz and mitigate the impact of soaring energy prices on global markets.

Iran has started to permit a limited but increasing number of commercial vessels to transit the Strait of Hormuz, as indicated by ship tracking data. On Monday, eight non-Iranian flagged vessels were detected in the strategic waterway. This represents a notable increase, with MarineTraffic recording nine transits on Monday and Sunday, compared to just five over the preceding two days. According to Michelle Wiese Bockmann, an analyst at Windward, the growing number of ships rerouting via Iran's territorial waters suggests that Tehran is granting 'permission-based transits to friendly countries.' The Strait of Hormuz, a critical passage that normally carries about one-fifth of global oil supplies, has seen traffic plummet by more than 95 percent since the onset of the conflict between the US, Israel, and Iran. This drastic reduction has led to a surge in oil prices, which have risen above $100 per barrel, an increase of over 40 percent. Iranian officials have issued mixed messages regarding the strait's status. Iranian Minister of Foreign Affairs Abbas Araghchi stated that the strait was 'open, but closed to our enemies'. Conversely, a spokesperson for the Islamic Revolutionary Guard Corps (IRGC) warned earlier in the month that any ship attempting passage would be set ablaze. The situation has drawn international attention, with US President Donald Trump asserting that Washington does not require other countries' assistance to secure shipping traffic through the strait. Meanwhile, the US military reported dropping bunker buster bombs on 'hardened' Iranian missile sites located near the strait, citing the risk these posed to international shipping.

Iran has strongly denied allegations of launching a missile attack on a joint US-UK military base on the Indian Ocean island of Diego Garcia. The Iranian Ministry of Foreign Affairs described the claim as an 'Israeli false flag' attack, accusing Israel of spreading disinformation. The denial comes after NATO Secretary-General Mark Rutte stated that the alliance could not confirm Israel's claim that the projectiles used were Iranian intercontinental ballistic missiles. This development has raised questions about the credibility of Israel's allegations and the potential motives behind them. Iran's Foreign Affairs spokesman, Esmaeil Baghaei, wrote on X that the accusations reflected a pattern of 'disinformation' and criticized NATO's support for the US and Israel. He emphasized that the world has grown tired of 'false flag' storylines, suggesting that such claims are becoming increasingly discredited. Earlier, US media outlets reported that missiles were launched between Thursday night and Friday morning but failed to hit the Diego Garcia base. If Iran were confirmed to be behind the attacks, it would imply that it possesses ballistic missiles with a range of over 4,000km, capable of reaching as far as London. Iranian Foreign Minister Abbas Araghchi had previously stated that Iran had intentionally limited its missile range to below 2,000km to avoid being perceived as a threat by other countries. UK Foreign Secretary Yvette Cooper condemned what she called 'reckless Iranian threats' but emphasized that London would not be drawn into a wider conflict in the Middle East. The UK-US military airbase on Diego Garcia is home to nearly 2,500 mostly American personnel and has supported various US military operations over the years. Israel's military chief, Eyal Zamir, claimed that Iran used a two-stage intercontinental ballistic missile with a range of 4,000km to target the base. Israel has long considered Iran's missile and nuclear programs a threat and has lobbied the US for military intervention.

The US and Iran have been engaged in secretive backchannel talks, mediated by countries such as Egypt, Pakistan, and Oman, in an effort to prevent further escalation of the conflict in the region. The talks, which were denied by Iran initially, may lead to a resolution, but the path forward remains uncertain.According to reports, US special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi have been in communication, with the Egyptian Foreign Ministry tweeting that conversations were underway on Sunday, 24 hours before Donald Trump's deadline to start attacking Iran's energy infrastructure.The talks have been chaotic, with multiple mediators jostling for the title of peacemaker in chief. Pakistan's army chief, Asim Munir, spoke with Trump on Sunday, while Pakistani Prime Minister Muhammad Shehbaz Sharif held talks with Iranian President Masoud Pezeshkian on Monday.Iran's Foreign Ministry initially denied any talks had taken place, saying: “There is no negotiation whatsoever between Tehran and Washington.” However, the ministry later opened up, with spokesperson Esmail Baghaei saying that messages had been exchanged through friendly countries, indicating America's request for negotiations to end the war.The talks may yield a complete and total resolution in the war, according to Trump, who announced that he was holding off from attacking Iran's energy infrastructure due to the “very good and productive conversations” that had been held with Iran.A 15-point deal has been proposed, including joint control of the strait of Hormuz, no nuclear bombs, and no enrichment of uranium. However, Iran's willingness to agree to abandon its right to enrich uranium remains a major sticking point.If talks fail, Trump warned: “We'll just keep bombing our little hearts out.”