Great news ??
Maybe !! Donald Trump has said the US and Iran are on the verge of a peace agreement.
Earlier on five occasions, the promise of peace has involved walking back the threat of mass devastation, including the destruction of critical civilian infrastructure, a near-certain war crime if carried out.
Oil prices are down, and the stock market is up. This comes only hours after Trump warned Iran was about to be struck “VERY HARD”, a threat that had sent oil prices up and stocks down.
It has been another ride on the Trump rollercoaster, keeping traders on edge, most of the world poorer, and people of the Middle East constantly whiplashing between fear and hope. But whether the ride veers up or down, the management always makes money.
This is the 39th time that the president has declared US-Iranian talks to be on the point of fruition (other counts have the figure higher – it depends on what you term a prediction or just a hint).
A US breakthrough with Iran could cut India’s oil bill, reduce inflation and boost growth
Crude oil sinks to three-month low, India eyes relief from soaring fuel costs as Trump says Iran deal near
 |
| Trump with Xi Jinping in Beijing |
As he was menacing Iran with “very hard” strikes on Thursday night, Trump also pledged the US would take over “total control” of the country’s oil and gas markets and seize the island of Kharg.
Trump has threatened the capture of Kharg, a focal point of Iran’s hydrocarbon industry, several times before, although in this instance the threat was made while actually bombing Iran.
However, the prospect of mass destruction had evaporated as quickly as it had materialised.
Brent crude, the international benchmark, briefly fell below $85 a barrel after Trump's announcement, its lowest level since the early days of the war, before rebounding to trade at around $87.50. Before the war erupted in late February, oil was trading at $70 a barrel.
A lasting US-Iran peace deal could slash India's fuel import bill, lower petrol and diesel prices, ease inflation, support the rupee and remove one of the biggest threats hanging over the country's economic outlook.
Reopening the Strait, through which nearly half of India's crude oil and most of its LPG used to flow, could reduce the energy import bill, lower fuel and transport costs for consumers, help contain inflation, bolster the flagging rupee and boost economic growth.
State-run fuel companies have hiked petrol and diesel prices four times since mid-May to offset the upheaval in oil supplies. Petrol prices have risen nearly 8 per cent, while diesel is up more than 8.5 per cent.
“I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” Trump declared on his Truth Social platform as if providing his full capitalised title added any weight to the statement.
The air of optimism was reinforced on Friday afternoon by a White House briefing that a text was in place which both the US and Iran could live with. US officials echoed the president’s prediction that a signing ceremony could be held in a matter of days.
Iran’s foreign ministry was less definite, saying that the proposed agreement was being studied by the country’s “decision-making bodies”, but the oil price fell below $90 a barrel nonetheless.
No comments:
Post a Comment