Trump halts Iran strikes for 10 more days, sets April 6 deadline; oil holds near $100/bbl

US President Donald Trump announced early on Friday that the United States has paused planned strikes against Iran's energy infrastructure, claiming that it is at Tehran's request. The US president said that talks between both sides are on. The 10-day pause follows an earlier five-day pause that was announced on Monday. His latest statement explicitly stated that the pause will last until 8 pm Eastern Time (ET) on April 6 (5:30 am Indian Standard Time the next morning). The American president also claimed that discussions with the Iranian side are going very well, accusing what he describes as "fake media" for inaccurate reporting.

Although Iran was yet to respond to Trump's latest remarks, the development allayed growing concerns about prolonged escalations in the Middle East, where joint US-Israel stikes against Tehran, killing Iran's Supreme Leader Ali Khamenei, led to about four weeks of geopolitical tensions this month as Iran struck several countries in the region.

Iran blocked the Strait of Hormuz -- a crucial maritime passage normally responsible for the passage of 20 per cent of the world's oil and gas supplies -- which fuelled concerns about the impact of prolonged escalations in the region on global energy markets. Meanwhile, US officials have promised to reopen the strait, with Trump threatening to "obliterate" Iranian power plants if the passage was not opened.

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This week, Trump claimed that Iranian negotiators were “begging” America for a deal, asserting that Tehran was "militarily obliterated" with "zero chance of a comeback". "Anybody who saw what was happening over there would understand why they want to make a deal. But they say, we're not talking to them... They're not fools. They're very smart, in a certain way. I say they're lousy fighters, but they're great negotiators," he said in a briefing from the White House.

He also warned Tehran of serious consequences if a peace deal is not reached soon, claiming that Iran’s public stance differs from its private approach to negotiations, signalling conflicting positions between both sides on possible talks.

Brent crude oil hovers around $99-104 per barrel; rupee sinks to record low vs dollar

Oil benchmarks traded with gains of around 1.5 per cent each. Brent hovered in the $99.3-104.2 per barrel range while WTI broadly moved in the $92-97 band -- clear off their nearly four-year peaks of $119.5 and $113.4 scaled earlier this month, respectively.

The rupee sharply depreciated against the US dollar to 94.64 against the greenback, breaching the 94 mark for the first time ever. Analysts said that rising crude oil prices, sustained FII outflows and the buildup of tensions around West Asia hurt sentiment. Read more on INR vs USD

India assures ample fuel supplies to consumer, urges people not to panic

The central government assured the public that no LPG, petrol or diesel shortage will hurt the consumer. It reduced excise duties on petrol and diesel to curb inflation and protect consumers amid rising global oil prices.

The government has repeatedly assured the public of adequate arrangements in place to ensure fuel and fertiliser supplies for the economy, despite global market volatility.

The country is the world's third-biggest oil importer and consumer. It meets about four-fifths of its oil requirement through imports.

The government has already said that enhanced domestic production and diversified imports have helped in protecting domestic consumer interests effectively.

What makes Strait of Hormuz crucial?

The strait -- a crucial maritime route connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea -- remains largely blocked despite the US pause.

Many analysts state the following factors that make the strait a crucial region for world energy markets:

• World's top oil chokepoint: Normally carries an estimated 21 million bpd of supplies, making even short and temporary disruptions catastrophic for energy rates and supply chains
• LNG and gas lifeline: Handles about 20 per cent of global LNG shipments -- led by Qatar, amplifying risks to heating/power markets beyond crude
• No easy bypasses: Limited alternative routes and infra constraints mean shipments cannot be easily rerouted
• Asia's energy backbone: A primary supply artery for major Asian economies like India, China, Japan and South Korea under normal circumstances
• Food and medical supplies: Disrupts fertilisers, food and medicine supplies

Here are answers to frequently asked questions (FAQs) on the subject:

What is the current status of US attacks against Iran?

Since Monday, the US has been maintaining a temporary pause on planned strikes against the country.

What do Trump's latest remarks mean?

The POTUS warned Iranian negotiators to show seriousness soon or face severe consequences.

Is Iran negotiating with the US?

The US has signalled talks, but Iran has denied engaging in negotiations, though its foreign minister has said that America's proposal is being reviewed.

What is Trump's stance on NATO?

He expressed disappointment with NATO nations, blaming them for not extending support to the US in the Middle East conflict.

Why is the situation significant globally?

The conflict is impacting energy markets and raising fuel concerns.

Did the US delay military action?

Yes. On Monday, Trump announced a five-day pause in planned strikes on Iranian energy infrastructure.