U.S. President Donald Trump said on Wednesday that he has suspended military strikes against Iran for five days following talks aimed at easing tensions in the Middle East.
"Over the past two days, the United States and Iran have had very beneficial and productive discussions to fully resolve hostilities in the Middle East region," Trump said on Truth Social. "I have granted a five-day reprieve on all military strikes against Iran's power plants and energy facilities."
Speaking to reporters at a Florida airport later, Trump stressed that "Iran will no longer possess nuclear weapons and must agree to this." He also noted that "the United States could retrieve nuclear materials from Iran if a deal is reached." He added that "the Strait of Hormuz will probably be jointly controlled by me and Iran's supreme leader."
Trump said he has been communicating with a senior Iranian official rather than the supreme leader directly, and that "Iran reached out first." He added that "a phone call is likely to happen soon."
Earlier on May 21, Trump had warned Iran that he would devastate its power plants if it did not open the Strait of Hormuz within 48 hours. The subsequent opening of dialogue has raised expectations. However, Iranian media outlets, citing foreign ministry sources, flatly denied the talks, saying "there has been no dialogue between Iran and the United States." The source dismissed Trump's remarks as "political rhetoric aimed at lowering energy prices and an effort to buy time to execute his military plans."
Meanwhile, financial markets had been rattled by a triple threat of high interest rates, a weak won, and surging oil prices just before Trump's comments were reported. The Korea Composite Stock Price Index (KOSPI) plunged 375.45 points, or 6.49%, to close at 5,405.75, according to Korea Exchange (KRX). The U.S. 10-year Treasury yield rose to 4.415%, breaching the 4.4% level, as expectations for a Federal Reserve rate cut this year faded. International oil prices approached $110 per barrel based on Brent crude, and the won-dollar exchange rate closed weekly trading at 1,517.3 won, up 16.7 won from the previous session.
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