Updated March 23, 2026 at 9:03 AM CDT
President Trump says the United States is negotiating with Iran to end the war now in its fourth week, and will hold off striking Iranian power plants for five days. Iran denied any talks were underway.
Trump's announcement, posted on social media Monday morning, came hours before a deadline he had imposed threatening further escalation if Iran did not reopen the vital Strait of Hormuz to shipping. Stocks rallied on the news.
"There is no dialogue between Tehran and Washington," Iran's Foreign Ministry said, according to the country's state broadcaster. It said Trump's statements were an effort to reduce energy prices and gain time to carry out his military plans.
Here's what else to know about the latest developments in the conflict.
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Iran threats | US campaign timeline | Energy crisis
Iran threatens attacks on Gulf energy infrastructure
Iranian officials warned Monday that if the U.S. attacks Iran's power plants, Iran would retaliate against energy and water infrastructure across the Gulf region – including in countries that host U.S. military bases.
In a separate statement, Iran's Defense Council said "non-belligerent" countries could only transit through the Strait of Hormuz through coordination with Iran, and warned that any attack on Iran's coasts or islands would trigger mine-laying across Gulf sea lanes that could effectively block maritime traffic beyond the narrow strait.
CENTCOM chief says U.S. campaign is "ahead or on plan" as Hormuz crisis deepens
U.S. Central Command commander Adm. Brad Cooper said Monday that the Strait of Hormuz is "physically open," but argued ships are staying away because Iran was firing missiles and drones at vessels. Cooper made the comments in an interview with Iran International, a London-based Persian news outlet.
Cooper said the U.S. campaign in Iran is "ahead or on plan," saying that Iran's military capabilities are deteriorating.
He also accused Iran of increasingly targeting civilians across the Middle East.
"They're operating in a sign of desperation…in the last couple of weeks they've attacked civilian targets very deliberately, more than 300 times," Cooper said.
International Energy Agency head warns global economy faces "major, major threat"
Fatih Birol, the head of the International Energy Agency, warned Monday that the global economy faces a "major, major threat" from the war's disruption to oil and gas flows.
"No country will be immune to the effects of this crisis if it continues to go in this direction," Birol said speaking at Australia's National Press Club in Canberra Monday.
He added: "The situation is very severe."
"At least 40 energy facilities across nine countries have also been severely damaged in the conflict."
Birol said the current situation was worse than the combined oil crises of 1973 and 1979, which together lost 10 million barrels per day.
"And today, only as of today," we lost 11 million barrels per day – so more than two major oil shocks put together," he said.
Birol said the IEA was consulting with governments in Europe, Asia, North America and the Middle East about releasing more stockpiles of oil, in addition to the "historic" 400 million barrels of oil released earlier this month.
Rebecca Rosman contributed to this report from Paris.
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