Trump Cancels Planned Strikes on Iran After Talks Approved

"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," the post stated.

The president said the naval blockade of the Strait of Hormuz would remain in place until a transaction is finalized. Earlier in the day he had threatened to bomb Iran and take control of Kharg Island, which handles millions of barrels of oil per day.

Crude fell 3.85 percent to $89.52 a barrel by early afternoon Eastern time. West Texas Intermediate dropped 3.82 percent to $86.77 a barrel. Traders reacted to the shift from threatened military action to potential de-escalation. Earlier in the session both benchmarks had moved less than half a percent.

Senator Discusses Permitting Reform Republican Sen.

Todd Young of Indiana said permitting reform is the most logical legislative step to increase domestic production. He spoke at a U.S. Chamber of Commerce critical minerals summit. Young said the administration could unlock the debate in the next month or two if it chose to do so. He added that legislation would likely need to apply equally to renewable and conventional energy projects.

OPEC reduced its 2026 global oil demand growth forecast for the second straight month to 970,000 barrels per day. The group cited supply disruptions linked to the closure of the Strait of Hormuz. The organization noted slower household consumption in Europe and weaker demand in India and the Middle East during March and April.

It stated that global economic performance in the first half of 2026 remained resilient despite geopolitical tensions.