Trump suggests Strait of Hormuz may stay closed during peace talks with Iran in coming days

President Trump stepped back from attacks on Iranian oil infrastructure on Monday and sent markets soaring even as he left considerable uncertainty about whether energy shippers will be able to traverse the crucial Strait of Hormuz anytime soon. During a back-and-forth with reporters on Monday morning, the president hinted that shippers might have to wait a bit. When asked about a possible reopening of the crucial waterway, Trump said it would be open soon, but only "if this works," referring to ongoing peace talks expected to continue over the coming week. Read more: How oil price shocks ripple through your wallet, from gas to groceries The president added that he is looking toward a Strait of Hormuz that, in the end, will be "jointly controlled" by the US as well as whoever is in charge of Iran at the end of the war. The new comments provided minimal clarity for international shippers who have largely been unable to operate in the area for the last three weeks. Iranian state media continued its threats Monday to "completely" close the waterway if its power plants are attacked and even denied that any direct or indirect talks with the US are taking place. Read more: How to protect your money during turmoil, stock market volatility At another point in the back-and-forth with reporters, President Trump was asked if he was sending US Marines to the region to "police the strait." The president declined to answer, saying, "We don't talk about strategy." Early on Monday, Trump said on Truth Social that he would postpone military strikes on Iran's energy infrastructure, thanks to "very good and productive" talks between the US and Tehran, which will continue throughout the week. The president added on Monday that most of the focus during these talks would likely be on ending Iran's nuclear program, saying that there are "15 points of agreement" as these peace talks get underway and that Iran not having a nuclear weapon was "numbers 1, 2, and 3." About 20% of the world's oil and many other key products passed through the Strait of Hormuz before the war, but those shipments have virtually ground to a halt since the attacks began on Feb. 28. The ongoing uncertainty about the waterway continued even after the president issued an ultimatum centered around the strait on Saturday, giving Iran 48 hours to make the waterway "FULLY OPEN" before threatening attacks on power plants. The president appeared to have backed away from that issue for now, but crude oil prices nonetheless dropped on Monday following Trump's announcement of talks.