Though markets responded positively to Trump’s turnaround, it was swiftly followed by a new round of Israeli strikes in the heart of Tehran.
The war it launched alongside the U.S. on Feb. 28 continued, as did Iran’s stranglehold on the Strait of Hormuz.
That has left the world facing a worse energy crisis than the oil shocks of the 1970s and the impact of the war in Ukraine combined, International Energy Agency chief Fatih Birol warned early Monday.
Trump had on Saturday given Iran 48 hours to reopen the strait, a waterway through which around 20% of the world’s oil passes, threatening in a post on Truth Social to bomb Tehran’s power plants if the demand was not met.
But Iranian officials showed no sign of relenting, warning the country could strike electricity targets across the Gulf and even hit plants that supply the region with drinking water. As the U.S. sped
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