President Trump announced a postponement of planned strikes against Iran on Monday, March 24, 2026, following reports of ongoing negotiations between Washington and Tehran – a move that was swiftly denied by Iranian officials and met with skepticism from the energy industry. The shifting signals from the U.S. Administration have raised concerns about the direction of policy regarding escalating tensions in the Middle East.
Trump stated on social media that the U.S. And Iran had engaged in “extremely good and productive” conversations regarding a “complete and total resolution of hostilities in the Middle East.” he said he was delaying a planned attack on Iran’s electrical grid for five days. The announcement immediately caused stock markets to rise and oil prices to fall, reversing a previous downward trend triggered by weekend threats. According to Trump, Steve Witkoff and Jared Kushner were involved in negotiations with a high-ranking Iranian official. “We had very, very productive conversations. We’ll see where it leads. I would say we have important points of agreement, almost all points of agreement,” Trump said.
Mohammad Baqer Qalibaf, the speaker of the Iranian parliament, quickly refuted claims of negotiations with the United States, dismissing the suggestion as an attempt to manipulate financial markets. “There have been no negotiations with the U.S., and false news is being used to manipulate financial and oil markets and escape the quagmire in which the U.S. And Israel are stuck,” he wrote on social media. “The Iranian people demand the complete punishment of the aggressors. All Iranian officials firmly support their supreme leader and their people until this goal is achieved.”
The Islamic Revolutionary Guard Corps affirmed its continued attacks against U.S. Targets, characterizing Trump’s statements as “worn-out psychological operations.” “The contradictory behavior of the U.S. President does not cause us any negligence on the battlefield or in continuing the fight with the hostile enemy,” the group said in a statement. However, Iran’s Foreign Ministry alluded to initiatives aimed at de-escalation, without providing further details.
Industry in Turmoil
Energy sector executives and the Trump administration presented diverging perspectives on the global energy market, as oil prices fluctuated on Monday. Speaking at the CERAWeek conference – a leading annual energy event – U.S. Energy Secretary Chris Wright described the recent price volatility as “a short-term disruption that will bring decades of benefits to global security,” adding that “markets will do what markets do” and spur additional drilling.
Chevron CEO Mike Wirth expressed a more cautious outlook, as reported by Semafor, warning that prices were likely to rise even if the Strait is reopened soon, as Gulf countries work to restore damaged production equipment and rebuild strategic reserves. “Markets are operating on scarce information and perceptions,” he said. “There are real physical manifestations of the squeeze that aren’t fully priced in.”
Patrick Pouyanne, the head of TotalEnergies, echoed this sentiment, cautioning that prolonged disruptions to global energy supplies lasting more than three or four months would pose a significant risk to the global economy.
Oil industry leaders join the aviation sector – which has already warned of an increasingly clear disaster looming. The CEO of United Airlines reportedly stated in an internal memo last week that oil prices could climb to $175 per barrel.
