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Good morning and welcome back to the City AM liveblog.
Another pause has been slapped on Donald Trump’s pledge to “obliterate” Iranian power plants, should the nation not re-open the Strait of Hormuz.
The President took to social media last night and said talks between the US and Iran were “ongoing” and “going very well,” therefore he would extend the delay on the planned strikes on the country’s energy plants.
It extends a five-day pause announced on Monday, following Trump’s 48-hour ultimatum on Saturday night.
Analysts have been quick to sound the TACO alarm – a term coined by investors alluding to ‘Trump Always Chickens Out’ regarding his bait-and-switch policies on trade.
Hopes of a ceasefire in the Middle East have been clouded by mixed sentiment coming out of warring nations. Iran on Wednesday hit back at Trump’s claims of peace talks, appearing to mock the US by accusing the White House of “negotiating with yourself”.
But during a meeting of Trump’s Cabinet on Thursday, the President said he had been sent a “present” by Iran, with 10 oil tankers allowed to pass through the Strait of Hormuz.
Traffic through the Strait has been all-but-halted since the war broke out and has been cited as one of the top trigger of soaring energy prices with around a fifth of the world’s oil supply flowing through.
We’ll be bringing you the latest on this and more.
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- Nato: Starmer’s defence spending pledge lagging behind
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- US ambassador: UK’s closer ties with EU are a problem
- Why Westminster’s finest keep ending up on Big Tech’s payroll
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