US Strikes Southern Iran, Threatens More Shooting as May 10 Letter Stalls Cease-Fire Talks
Updated
Updated · The New York Times · May 20
US Strikes Southern Iran, Threatens More Shooting as May 10 Letter Stalls Cease-Fire Talks
7 articles · Updated · The New York Times · May 20
Monday’s US strikes on southern Iran marked a fresh escalation after Trump spent the holiday weekend saying a deal to extend the cease-fire and reopen the Strait of Hormuz was close.
Iran’s May 10 letter helped derail that optimism, restating hard-line demands without new concessions; Trump dismissed it as “a piece of garbage,” and negotiations remained unresolved as of Tuesday.
Trump has repeatedly swung between promises of diplomacy, threats of bombing and claims the war was nearly over, with several touted breakthroughs later failing to materialize.
Markets initially reacted sharply to his comments—Brent briefly fell below $100 and stocks bounced on off-ramp signals—but gasoline hit a four-year high on April 28 as traders grew less responsive.
The wider stakes remain centered on the Strait of Hormuz, which carried about 20% of global oil and gas before the war and has stayed largely shut despite repeated cease-fire pledges.
Is the real war between the U.S. and Iran now being fought on the world's financial markets?
Could a hardline faction within Iran be the final obstacle to solving the global energy crisis?
Is a hidden cyberwar over energy infrastructure the conflict's most dangerous and unpredictable front?