Strait of Hormuz, breaking news! Trump issues warning! Oil prices plunge

MetaMuskRat · 2026-03-23T07:24:53+00:00

Asia-Pacific market early session: International oil prices declined, with WTI crude oil futures falling to $97.067. U.S. stock futures broadly declined, with the three major indices all down. Trump threatened military action against Iran and is considering gradually scaling back strikes on its military capabilities. Iran has put forward a tough response. An armed group in Iraq has extended the suspension period for attacks on the U.S. embassy. The U.S. government is conducting preliminary discussions for potential peace negotiations with Iran.

MetaMuskRat

2026-03-23 07:24:53

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Here are the latest updates.

On Monday morning in Asia-Pacific, international oil prices declined. WTI crude oil futures fell by 1%, trading at $97.067 per barrel.

U.S. stock index futures all declined collectively. Dow Jones futures dropped 0.55%, S&P 500 futures fell 0.62%, and Nasdaq 100 futures declined 0.78%. International precious metals rose, with spot silver increasing by 2% intraday to $69.31 per ounce.

In the news, Trump limited Iran to 48 hours to open the Strait of Hormuz, threatening to destroy its power plants. Iran responded with four measures, including fully closing the Strait of Hormuz, attacking all Israeli power plants, energy, and information technology facilities, completely destroying all U.S.-owned companies in the Middle East, and targeting power plants in Middle Eastern countries with U.S. military bases.

Iraqi armed groups extend deadline to suspend attacks on U.S. embassy by 5 days

Abu Mujahid Asaf, security official and spokesperson for the Iraqi Shia militia “Liwa al-Muqatil,” issued a statement early on the 23rd local time, announcing an extension of 5 days to suspend attacks on the U.S. embassy in Iraq.

The statement urged all foreign troops to withdraw completely from Iraq and emphasized that no foreign troops are allowed to possess lethal weapons or air defense systems on Iraqi territory.

Earlier, in the early hours of the 19th, Abu Mujahid Asaf also announced a 5-day suspension of attacks on the U.S. embassy in Baghdad’s Green Zone.

Trump considers gradually de-escalating military actions against Iran

On March 20, local time, U.S. President Donald Trump posted on his social media platform “Truth Social” that as they consider gradually de-escalating major military operations targeting the Iranian regime in the Middle East, they are very close to achieving their set goals:

Completely weakening Iran’s missile capabilities, launch systems, and all related facilities.
Destroying Iran’s defense industrial base.
Eliminating Iran’s navy and air force, including air defense weapons systems.
Never allowing Iran to even approach nuclear capability; meanwhile, the U.S. must maintain a posture that allows for rapid and forceful retaliation if such a situation arises.

With the highest level of force, protecting U.S. allies in the Middle East, including Israel, Saudi Arabia, Qatar, the United Arab Emirates, Bahrain, Kuwait, and other countries.

Trump stated that the guarding and patrols of the Strait of Hormuz should be undertaken by other countries using the strait when necessary, and the U.S. will no longer bear this responsibility. If invited to assist, the U.S. is willing to support these countries’ actions in the Strait of Hormuz, but once the Iranian threat is fully eliminated, such assistance will no longer be necessary. Importantly, for these countries, this will be an easy military operation.

Iran says it allows non-hostile ships to pass through the Strait of Hormuz

According to CCTV International, citing Mehr News Agency on March 22, Iran’s representative to the International Maritime Organization stated that Iran allows non-hostile ships to pass through the Strait of Hormuz, but coordination with Iran on security issues and related arrangements are required. Iran will cooperate with the IMO to improve navigation safety and protect seafarers.

Multiple sources indicate the U.S. government is discussing potential negotiations with Iran

On March 21, local time, CCTV reporters learned that a U.S. official and an informed source revealed that after three weeks of ongoing war between the U.S., Israel, and Iran, the Trump administration has begun preliminary discussions on the next phase of actions and what form peace negotiations with Iran might take. President Trump stated on the 20th that he is considering “gradually ending” the war. However, U.S. officials expect the conflict to continue for another two to three weeks. During this period, Trump’s advisors hope to lay the groundwork for diplomatic mediation. The informed sources said that U.S. Special Envoy Jared Kushner and Steve Wittekov are involved in discussions about potential diplomatic actions. Any agreement aimed at ending the war must include reopening the Strait of Hormuz, resolving Iran’s high-enriched uranium stockpile issues, and establishing a long-term agreement on Iran’s nuclear program, ballistic missile projects, and support for regional proxy forces. According to one U.S. official and two other informed sources, there has been no direct contact between the U.S. and Iran in recent days, but Egypt, Qatar, and the UK have acted as intermediaries. Egypt and Qatar have informed the U.S. and Israel that Iran is willing to negotiate, but the conditions are very demanding. Iranian Foreign Minister Amir Abdollahian said on the 20th that Iran hopes to end the war thoroughly, comprehensively, and permanently, not just a temporary ceasefire. He also stated that he does not believe the U.S. is ready for negotiations.

Compiled from: CCTV News, CCTV International

Proofread by: Xu Xin

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