Big news don dey for international politics as US President Donald Trump don announce say im don postpone military strikes wey dem plan for Iranian power plants. The announcement come after wetin Trump call “productive conversations” with Iran for peace talks wey dey aim to end the Middle East conflict. For im post on TruthSocial, Trump tok say im don instruct the Department of War to postpone any and all military strikes against Iranian power plants and energy infrastructure for five days. This decision dey subject to the success of ongoing meetings and discussions.
The crisis for Middle East don dey cause serious wahala for global oil market. Iran don dey block the Strait of Hormuz, wey be important waterway wey carry about one-fifth of global oil and liquefied natural gas. Trump don give Iran 48-hour deadline to open the strait to all shipping, with threat say if dem no open am, US go strike and destroy Iranian power plants. But now, after the peace talks, Trump don decide to pause the strikes for five days.
Immediately after Trump announcement, oil prices don fall seriously. Brent crude futures don fall by over 13 percent, reach session low of $96 per barrel. US West Texas Intermediate don fall about 13.5 percent to $85.28. This sharp drop show how market dey react to any sign of peace for the region. The war for Iran don already cause oil prices to rise sharply, with Brent crude reaching over $113 per barrel before this announcement.
Iran don respond to Trump threats with counter threats. The Islamic Revolutionary Guard Corps (IRGC) don warn say if US strike Iranian power plants, dem go retaliate by targeting Israel power plants and power plants wey dey supply US bases for regional countries. Iran also don threaten say if dem attack their southern coast and islands, dem go mine the entire Gulf, making navigation even more difficult. The IRGC statement tok say: “If you hit electricity, we hit electricity.”
The global economic impact don dey serious. Stock markets around the world don dey fall sharply. London FTSE 100 don fall more than 2 percent, Germany Dax index and France Cac 40 don fall about 2 percent. For Asia, Japan Nikkei don fall 3.5 percent while South Korea Kospi don sink 6.5 percent. European shares don open lower, fall to four-month low, with pan-European stocks index down 1.75 percent.
International Energy Agency (IEA) executive director Fatih Birol don tok say the agency dey consult with governments for Asia and Europe on releasing more stockpiled oil “if necessary” due to the Iran war. IEA member nations don already agree on March 11 to release record 400 million barrels of oil from strategic stockpiles to combat the spike in global crude prices. Birol describe the crisis for Middle East as “very severe” and worse than the two oil shocks of the 1970s combined.
China don warn against ‘vicious cycle’ of violence for Middle East. Chinese special envoy to Middle East Zhai Jun don urge all parties involved, particularly US and Israel, to cease military operations. Foreign ministry spokesperson Lin Jian don caution say use of force go only lead to “vicious cycle” and tok say the war no suppose start. China dey worry say prolonged conflict fit undermine global growth and weaken demand for Chinese exports.
British Prime Minister Keir Starmer don convene emergency Cobra meeting after call with Donald Trump to discuss reopening Strait of Hormuz. The 20-minute call between Starmer and Trump dey described as “constructive” and both leaders agree say reopening the strait “essential” to stabilise global energy market. However, UK still dey reluctant to send vessels to the strait because of high level of risk and unwillingness to be drawn into wider war.
For other developments, United Arab Emirates don resume operations at its largest natural gas processing plant after attack last week force halt to the facility. The nation only operating LNG production plant at Das Island for Gulf dey operate at very low levels due to inability to export via Strait of Hormuz. Meanwhile, Ukraine don conduct massive drone attacks on Russian oil facilities overnight, including attack on Russia Baltic Sea port of Primorsk, one of country key oil export hubs.
The situation dey remain tense as the 48-hour deadline set by Trump for Iran to reopen Strait of Hormuz dey approach. Global leaders dey watch closely to see if the peace talks go yield meaningful results or if the conflict go escalate further. The next few days go determine whether diplomatic solution go prevail or military confrontation go intensify.
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