US Delays Planned Strikes on Iran After Gulf Leaders' Request

Trump Warns of Major Attack if Diplomacy Fails

US President Donald Trump has postponed a planned military strike on Iran, originally expected on Tuesday, following requests from leaders of Qatar, Saudi Arabia, and the United Arab Emirates for more time to pursue diplomatic negotiations. 

Trump announced the decision via a post on Truth Social, stating that serious talks were underway and that a mutually acceptable deal remained possible. He instructed Defence Secretary Pete Hegseth and military leadership, including Joint Chiefs of Staff Chairman General Dan Caine, to stand down for the time being. 

However, the US President issued a clear warning: if negotiations collapse, American forces are prepared to launch a large-scale operation. The core demand, he reiterated, is that Iran must never acquire nuclear weapons. 

Gulf Leaders Seek Breathing Room

Leaders from key Gulf nations urged the delay to prevent immediate escalation and allow space for talks. The move comes amid heightened regional tensions, with diplomats working behind the scenes on possible arrangements involving Iran's nuclear programme and broader security concerns.

Sources familiar with the discussions indicated that while indirect channels remain active, differences persist over the sequencing of any agreement—particularly whether to first halt the current conflict before addressing wider issues. Pakistani officials, citing US media reports, noted that Washington prefers announcing comprehensive deals together, while Tehran is pushing for a separate arrangement to end hostilities.

Maritime Disruptions Hit Global Supplies

Tensions in the Gulf have already disrupted critical shipping lanes. Nearly 1,500 commercial vessels are reportedly stranded in the Strait of Hormuz, with over 20,000 sailors aboard. Defence experts have highlighted risks of missile or drone attacks, noting the unpredictable nature of potential Iranian targeting.

In India, the fallout was felt immediately at fuel pumps. Petrol and diesel prices rose by around 0.9 rupees per litre on Tuesday — the second hike in a week. In Delhi, petrol now costs 98.64 rupees a litre and diesel 91.58 rupees, according to PTI reports. Analysts link the increase directly to fears over supply disruptions through the Strait of Hormuz.

Regional Flashpoints Multiply

Parallel developments have added to the volatility. Saudi Arabia reported intercepting three drones approaching from Iraq’s direction, prompting condemnation from Kuwait and Qatar as a violation of sovereignty. 

In Tehran, hundreds of newly married couples held a car rally at Azadi Square, blending wedding celebrations with public displays of support for the Iranian military and government. Videos circulating on social media also showed young Iranian women training with AK-47 rifles, signalling heightened domestic preparedness.

Israeli forces continued operations in the region, including actions against aid ships bound for Gaza and reported strikes in Lebanon. US cargo aircraft carrying weapons have reportedly landed in Israel, while Trump and Israeli Prime Minister Benjamin Netanyahu have discussed possible military options.

Oil Markets React to Pause

Global oil prices eased slightly following Trump’s announcement. US crude futures fell over 2% in early Asian trading, with the July West Texas Intermediate contract dropping to around $102 per barrel as immediate fears of supply shocks receded.

Separately, the US extended a sanctions waiver for 30 days, allowing certain energy-vulnerable countries to purchase Russian seaborne oil amid the disruptions. Treasury officials described the step as a temporary measure to stabilise supplies. 

Domestic US Debate on War Powers

In Washington, political oversight is also sharpening. The US Senate is set to vote again on a War Powers Resolution aimed at limiting presidential authority for action against Iran. Senator Lindsey Graham emphasised that any final deal must receive Congressional approval, outlining key conditions including zero uranium enrichment by Iran, control over its enriched stockpile, free passage through the Strait of Hormuz, and an end to support for regional proxies.

Iran’s embassy in Ghana issued a cryptic response to Trump’s post, while Cuban President Miguel Díaz-Canel criticised US fuel restrictions on his country as “immoral, illegal and criminal.”

What Lies Ahead

Diplomats and military observers are watching closely to see whether the brief pause leads to tangible progress or merely delays confrontation. Trump has stressed that time is running out for Iran, warning of “serious consequences” without a deal. 

For now, the region remains on edge, with global energy markets, shipping routes, and fuel prices reflecting the uncertainty. Further updates are expected in the coming hours as negotiations continue. 

US Considers Hypersonic Missile Deployment as Iran Accuses Pentagon of Hiding War Costs

Tehran has hit back sharply at Washington over the ongoing costs of the US-Iran conflict, even as reports emerge of American military leaders presenting fresh strike options to President Donald Trump. Iran's Foreign Minister Abbas Araghchi claimed on Friday that US spending has already reached $100 billion, far exceeding official Pentagon figures, and accused Israel’s actions of dragging America into an expensive gamble.

Araghchi posted on X that “the Pentagon is lying” and that Netanyahu’s approach has directly cost the US $100 billion so far—four times what has been publicly claimed. He added that American households are bearing roughly $500 in monthly costs, with indirect expenses likely much higher. The remarks came amid a fragile ceasefire that has held since early April but shows signs of strain.

Tensions Over War Costs and Narratives

Iranian officials have repeatedly challenged the US framing of the conflict as self-defence. Foreign Ministry spokesperson Esmaeil Baghaei criticised a State Department document that justified American action as collective self-defence for Israel and the US’s own inherent right. “Self-defence against what?” Baghaei asked on social media, calling it a war of aggression.

On the ground, the prolonged closure of the Strait of Hormuz continues to disrupt global energy flows and supply chains. Oil prices rose again on Friday, with Brent crude climbing about 1% to around $111 per barrel, reflecting persistent uncertainty. The blockade has also affected fertiliser shipments, prompting warnings from industry leaders that nearly 10 billion meals a week could be at risk for the world’s poorest nations if disruptions continue.

Internal Rifts in Iranian Leadership

Adding to the complexity, reports suggest growing friction inside Iran’s government. President Masoud Pezeshkian and Parliament Speaker Mohammad Bagher Ghalibaf are reportedly seeking the removal of Foreign Minister Araghchi. According to Iran International, the two leaders believe Araghchi has bypassed the presidency and followed directives more aligned with the Revolutionary Guard, particularly from figures like Ahmad Vahidi.

These claims remain unconfirmed by Iranian state media, but they point to possible differences over how to handle negotiations and the military track. Meanwhile, Iran’s chief justice insisted Tehran has never left the negotiating table, stating the country welcomes talks based on “logic and rationality” while remaining unafraid of conflict if its dignity is threatened.

US Military Weighs Renewed Options

Late on Thursday, President Trump received a high-level briefing from US Central Command Commander Admiral Brad Cooper and Joint Chiefs Chairman General Dan Caine. Sources told outlets including Axios that the roughly 45-minute session included discussions on potential renewed action against Iran.

Separately, Bloomberg reported that CENTCOM has requested deployment of the Army’s Dark Eagle hypersonic missile system to the Middle East. The long-range weapon is seen as necessary to reach ballistic missile launchers that Iran has reportedly moved beyond the range of existing US systems like the Precision Strike Missile. If approved, this would mark the first operational deployment of America’s hypersonic capability, though the system is still limited in production and has faced development delays.

Impact on Global Economy and Region

The ripple effects are being felt far beyond the Gulf. The United Arab Emirates announced its exit from OPEC and the broader OPEC+ alliance effective May 1, a move that could reshape oil production dynamics at a sensitive time. For India, a major importer, the development carries both risks from higher prices and potential opportunities if Gulf producers increase output independently.

Singapore’s Prime Minister Lawrence Wong warned that prolonged Hormuz tensions would slow his country’s economy, given Asia’s dependence on Gulf energy. UN Secretary-General Antonio Guterres described the strait’s closure as “strangling” global markets for energy, transport, manufacturing and food, urging dialogue to avoid further escalation.

In southern Lebanon, Israeli forces reported striking dozens of Hezbollah sites despite a nominal ceasefire, while Lebanese officials reported civilian casualties from fresh raids. These developments add layers of regional volatility even as the core US-Iran standoff dominates headlines.

What Lies Ahead

Talks mediated by Pakistan appear stalled, with sources indicating Iran may submit a revised peace proposal soon. Trump has suggested Iran is eager for a deal but also indicated that restarting military pressure remains on the table if needed. He has pushed back against European and other allies criticising Washington’s approach, at times hinting at adjustments to US troop presence in Europe.

For now, the ceasefire holds, yet military preparations continue on both sides. Analysts note that any resumption of direct strikes could further inflame oil markets and humanitarian concerns linked to supply disruptions. Iranian officials, meanwhile, maintain they did not initiate the broader conflict and retain the right to defend themselves.

The coming days will be critical as Washington weighs its next moves, Tehran manages internal and external pressures, and the world watches the economic fallout from one of the most significant disruptions to Gulf shipping in recent memory. Whether diplomacy gains traction or military options are exercised again remains uncertain, but the stakes—for energy security, regional stability and global food chains—could hardly be higher.

Iran Faces Oil Storage Crunch as Diplomatic Push Stalls Over Nuclear Demands

Tehran’s 22-day oil storage limit adds pressure amid US blockade and rejected ceasefire proposals involving the Strait of Hormuz.

Iran could run out of space to store its crude oil in as little as 22 days if current production rates continue without exports, according to data analytics firm Kpler. The warning comes as Tehran insists the conflict with the United States and Israel is far from over, while diplomatic efforts through mediators like Pakistan show little progress.

The US naval blockade has severely restricted Iran’s ability to ship oil abroad, causing onshore inventories to build up rapidly. Analysts at Kpler noted that usable storage, including some floating capacity, might offer a buffer of around 12 to 22 days. Experts caution that prolonged output cuts could damage older oil wells by reducing natural reservoir pressure, making future extraction more difficult and costly.

Storage Crisis Deepens Under Blockade

The situation has worsened since the US imposed its counter-blockade on vessels heading to or from Iranian ports in mid-April. Oil exports have reportedly dropped sharply, leaving tankers and storage facilities under strain. Initial reports indicate Tehran may soon face the choice of further slashing production, already down significantly from pre-conflict levels.

Local oil industry sources, speaking on condition of anonymity, described the mounting challenge in southern terminals near Bandar Abbas. “Facilities are filling faster than expected,” one industry watcher familiar with the data said. Any extended shutdown risks long-term harm to infrastructure that has already suffered from years of sanctions and now direct conflict-related disruptions.

Tehran Warns Conflict Not Over

Despite a fragile ceasefire in place since early April, Iranian officials maintain that war-like conditions persist. Army spokesman Mohammad Akraminia stated clearly that the military does not consider the war ended. Security agencies continue constant monitoring, with warnings of responses using “new weapons, new methods, and on new fronts” should fresh attacks occur.

Iranian Foreign Minister Abbas Araghchi has been active on the diplomatic front, making his third visit to Pakistan in quick succession before heading to Russia. In Moscow, he met President Vladimir Putin to discuss strategic ties and the regional situation. Russia has criticised the US and Israeli strikes, calling them a threat to international order.

Diverging Proposals on Hormuz and Nuclear Issues

At the heart of the deadlock are differing priorities over the Strait of Hormuz and Iran’s nuclear programme. Iran’s latest proposal, conveyed through Pakistani channels, called for three main steps: an immediate end to hostilities with guarantees against further attacks, lifting the US blockade and reopening the strait to restore shipping, and deferring complex nuclear questions to a later stage.

US President Donald Trump has rejected this approach, insisting that nuclear concerns cannot be sidelined. According to reports, the Trump administration views any reopening of the strait without addressing enrichment and uranium stockpiles as weakening its negotiating position. Washington prefers tackling both issues simultaneously.

Iran had earlier suggested a phased nuclear rollback — complete stop to enrichment for five years, followed by limited civilian use, with part of its stockpile moved to Russia under supervision. That too was turned down. Sources familiar with the talks said Iran is now preparing a fresh proposal, though it needs time for internal consultations, including with the Supreme Leader.

Trump has publicly claimed Iran is nearing collapse and urged quick reopening of the strait. In recent social media posts, he described Tehran as being in a “state of collapse,” while reiterating that the US will not allow Iran to acquire nuclear weapons.

Oil Markets React to Prolonged Uncertainty

Global oil prices continued their upward trend on reports of the extended US blockade. Brent crude futures rose modestly in early trading, reflecting concerns over disrupted supplies from the key Gulf region. The Panama Canal has seen increased traffic as shippers reroute to avoid the troubled Strait of Hormuz.

Qatar’s Foreign Ministry described the use of the strait as a “political weapon” as unacceptable, calling for de-escalation to protect regional stability and global energy flows.

Regional Ripple Effects

Tensions extend beyond the strait. In southern Lebanon, Israeli forces reported operations against Hezbollah infrastructure, while the group claimed drone attacks on Israeli positions. Separate incidents in the occupied West Bank saw arrests and clashes. France paid tribute to its peacekeepers killed in Lebanon, with President Emmanuel Macron attributing responsibility to Hezbollah.

Germany’s Chancellor Friedrich Merz questioned aspects of US strategy, prompting a sharp response from Trump, who accused him of misunderstanding the nuclear threat. Meanwhile, the US Treasury announced new sanctions on what it called Iran’s “shadow banking” network, aimed at further isolating Tehran’s financial channels.

Reza Pahlavi, son of Iran’s last Shah, urged continued pressure on the current government, suggesting targeted actions to encourage internal dissent.

What Lies Ahead

With storage limits approaching, Iran faces mounting economic strain that could force difficult choices on production and exports. Diplomatic shuttling continues, but deep differences over sequencing — ending the immediate blockade versus resolving nuclear issues — suggest talks may drag on.

Local authorities in affected Iranian regions are bracing for potential further cuts, while global markets watch closely for any breakthrough or escalation. Mediators in Islamabad and other capitals remain engaged, yet both sides appear unwilling to yield on core demands for now.

The coming days could prove decisive. If storage constraints tighten as projected, pressure on Tehran to compromise may grow, even as it warns of readiness for new responses. For now, the fragile ceasefire holds, but the risk of renewed disruption to one of the world’s critical energy arteries remains real.

Strait of Hormuz Tensions Rise as Iran Rejects Reopening

Iran rules out reopening Strait of Hormuz amid ceasefire concerns as Donald Trump signals possible US-Iran talks within 72 hours

Ceasefire Under Strain

Tensions in West Asia escalated sharply after Iran declared that reopening the Strait of Hormuz was “impossible” under current conditions, citing alleged violations of an ongoing ceasefire. The development comes even as former US President Donald Trump indicated that fresh peace talks between Washington and Tehran could begin within the next 36 to 72 hours.

The conflicting signals highlight a fragile diplomatic situation, with global markets and governments closely watching developments in one of the world’s most critical energy corridors.

Iran’s Firm Position

Iran’s Parliament Speaker Mohammad Bagher Ghalibaf stated that any ceasefire must include the removal of what he described as a “maritime blockade” and an end to hostile actions across the region.

According to officials, Tehran views continued restrictions on its shipping and alleged attacks as violations that undermine trust. Iranian leaders have maintained that reopening the Strait without guarantees would expose the country to further strategic and economic risks.

Shipping Attacks Reported

Adding to concerns, the Islamic Revolutionary Guard Corps (IRGC) has reportedly been involved in multiple incidents targeting vessels in the Strait. The UK Maritime Trade Operations (UKMTO) confirmed that a container ship was fired upon near Oman, sustaining damage to its bridge.

Officials noted that the vessel received no prior warning before being targeted. While no casualties were reported, the incident underscores rising security risks in the region’s shipping lanes, through which nearly a fifth of global oil supplies typically pass.

Trump Signals Talks

Amid the escalating situation, Donald Trump suggested that diplomatic engagement remains possible. Responding to reports of a potential second round of talks, Trump said negotiations could resume soon, depending on developments.

He had earlier announced an extension of the ceasefire, reportedly at the request of Pakistani intermediaries, to give Iran more time to present a unified proposal. However, Iranian officials have expressed scepticism, with some lawmakers calling further negotiations “detrimental.”

Oil Markets React

Global oil markets have responded swiftly to the uncertainty. Prices rose amid fears of prolonged disruption, with analysts warning that continued instability in the Strait of Hormuz could impact supply chains worldwide.

Experts say that Asian and European economies, heavily reliant on Gulf energy exports, are particularly vulnerable. According to market observers, even a temporary blockade or disruption could lead to inflationary pressures and slower economic growth.

Diplomatic Push Continues

Despite rising tensions, diplomatic efforts remain underway. Pakistan has emerged as a key intermediary, while international stakeholders, including the United Nations, have urged restraint.

Iran has acknowledged these mediation efforts but reiterated that meaningful negotiations depend on the lifting of restrictions and adherence to ceasefire commitments. Meanwhile, Western officials have stressed the need for a sustained and verifiable peace framework.

What Lies Ahead

The coming days are expected to be critical for both diplomacy and regional stability. If talks materialise as indicated, they could provide a pathway to de-escalation. However, continued incidents in the Strait of Hormuz risk derailing fragile progress.

As the situation evolves, the Strait of Hormuz remains at the centre of a geopolitical standoff with far-reaching implications. The crisis continues to dominate Latest News Today and remains a key focus in India News Update and global headlines.

US Ends Russia, Iran Oil Waivers: India Faces Heat

New Delhi navigates supply risks as American sanctions tighten amid Hormuz tensions.

Waiver Expiration Hits

The United States has ended sanctions waivers on Russian and Iranian crude oil purchases. This move signals stricter enforcement after temporary relief eased war-related supply shocks. India, a key buyer, now scrambles to adjust.

US Treasury Secretary Scott Bessent confirmed the decision at a press briefing. The Russian oil waiver lapsed over the weekend. The Iranian waiver expires this week.

India’s Quick Gains

Indian refiners grabbed the opportunity during the brief window. They ordered about 30 million barrels of Russian crude post-waiver activation. Sources indicated Reliance and others ramped up imports from Rosneft and Lukoil.

Iranian shipments marked India’s first in nearly seven years. Two supertankers delivered nearly 4 million barrels to Indian ports. Refiners acted fast before deadlines hit.

Temporary Supply Fix

Washington introduced the waivers in March as short-term measures. The Russian licence covered oil loaded before March 12, expiring April 11. The Iranian one, for cargoes before March 20, ends April 19.

Bessent called it a deliberate 30-day step. It targeted oil stranded at sea to keep global flows steady. He stressed no major financial boost to Moscow or Tehran.

Hormuz Blockade Shadows

Tensions around the Strait of Hormuz triggered the waivers. This chokepoint handles 20% of global crude and LNG. Blockade fears spiked supply worries, prompting US action.

The latest news today underscores how India news updates tie into national and international news. Refiners shifted from sanctioned sources earlier this year under pressure.

Official US Stance

Bessent framed India as an “essential partner.” He expects New Delhi to boost US crude buys. The waivers aimed to stabilise markets without easing pressure on sanctioned regimes.

“As per reports, this aligns with maximum pressure on Iran,” officials noted. Washington criticised the relaxations amid lawmaker pushback.

Crunch for Indian Refiners

India historically leaned on Iran, peaking at 11.5% of imports. Flows stopped in May 2019 due to sanctions. Refiners pivoted to Middle East, US, and other suppliers.

Now, ending waivers tightens options. Major players like Reliance face renewed scrutiny. Global crude prices could climb, hitting India’s import bill.

Broader Market Ripples

Tight energy markets face added strain. Buyers worldwide reassess strategies. English news portal India tracks this as a public interest story amid trending news India.

Government updates highlight diversification pushes. India ramps up domestic output and long-term deals.

Path Ahead Uncertain

Refiners eye alternatives like US and Middle Eastern grades. New Delhi monitors Hormuz closely. Diplomacy with Washington may seek carve-outs.

As sanctions bite, India balances energy security and ties. Watch for price spikes and policy shifts in coming weeks.

West Asia War De-escalation Talks Begin In Islamabad Today

71-member Iranian delegation arrives for high-stakes negotiations with the US

A high-powered 71-member Iranian delegation touched down in the Pakistani capital on Saturday morning, setting the stage for critical de-escalation talks with the United States as the West Asia war enters its 43rd day.

Diplomatic Heavyweights Arrive

The Iranian team is led by Parliament Speaker Mohammad Bagher Ghalibaf. The delegation includes Foreign Minister Abbas Araghchi, a former senior commander of the Islamic Revolutionary Guard Corps (IRGC), and the central bank governor. US Vice President JD Vance is also expected in Islamabad later today. The formal negotiations between all stakeholders are scheduled for Saturday.

Empty Seats as Tribute

In a deeply symbolic gesture, the Iranian delegation kept several seats on their aircraft empty. Officials confirmed this was a tribute to the victims of the Minab Elementary School tragedy. A missile strike on the Shajareh Tayyebeh girls’ school in southern Iran on March 28 killed at least 175 people, most of them children aged between seven and 12.

Iran’s Firm Pre-Conditions

Sources indicated that Tehran has drawn a clear red line before talks begin. Iran insists it will not hold direct discussions with the US until two conditions are met. First, a complete ceasefire must be implemented in Lebanon. Second, Iran’s frozen billions of dollars in international banks must be released. This stance comes as the UN reports that up to 1.2 million people have fled their homes in Lebanon due to Israeli strikes.

Pakistan’s Brokering Role

For Pakistan, hosting the talks is a moment of significant diplomatic prestige. Digital billboards reading "Islamabad Talks" now line the capital’s streets, displaying the flags of the US, Iran, and Pakistan. The government has declared a two-day public holiday to mark its role in brokering the two-week ceasefire that preceded these negotiations. According to a BBC analysis, Islamabad is actively celebrating its position as a peace broker between the two rival nations.

Key Issues on the Table

The core of the negotiations revolves around Iran’s nuclear and ballistic missile programs. The US is demanding that Tehran phase out all high-level enriched uranium and place verifiable limits on its nuclear facilities. Washington also wants a complete ban on Iran’s long-range ballistic missiles. In return, Tehran is demanding the immediate lifting of all international sanctions and compensation for frozen assets.

Global Impact and Outlook

Oil markets have already reacted to the possibility of peace. US crude prices fell by over 13% this week, dropping from nearly $111 to $96.57 per barrel—the largest weekly decline since the war began. While a White House televised address on the ceasefire was reportedly considered and then set aside, officials remain cautiously optimistic. As one source put it, ensuring Iran does not possess nuclear weapons remains “99% of the deal” from the American perspective. The world now watches Islamabad to see if the remaining 1% can be bridged.

The global energy landscape shifted overnight as escalating US-Venezuela tensions sent ripples through commodity exchanges. On Monday, January 5, 2026, crude oil futures on the Multi Commodity Exchange (MCX) saw a noticeable uptick, with January delivery contracts rising by ₹42 to settle at ₹5,197 per barrel. Meanwhile, the international benchmark, Brent crude, hovered near the $60 mark, reflecting a market caught between immediate geopolitical "fear premiums" and a looming global supply glut.

Geopolitical Friction Meets Market Caution

The primary driver of this recent volatility is the dramatic US military operation over the weekend, which resulted in the capture of Venezuelan leader Nicolás Maduro. While the news initially sparked a price surge, the rally has been tempered by the reality of Venezuela's current output.

Although Venezuela sits on the world’s largest proven oil reserves, years of underinvestment mean it currently contributes less than 1% to the global supply. However, investors aren't just looking at today’s barrels; they are weighing the "what-ifs" of tomorrow.

• Supply Blockades: A de facto US naval blockade is currently restricting Venezuelan exports, particularly targeting shipments to China.

• Quality Gaps: Refineries on the US Gulf Coast, designed for Venezuela’s "heavy-sour" crude, are facing immediate tightness, even as light-sweet crude remains plentiful.

• Infrastructure Revival: President Trump’s recent signals that American companies may be tapped to "fix" Venezuela’s broken infrastructure suggest a long-term supply increase that could eventually depress prices.

Why Global Oil Prices Are Facing Downward Pressure

Despite the headlines, many analysts believe global oil prices will struggle to maintain an upward trajectory through 2026. Data from the International Energy Agency (IEA) suggests the market is entering a period of significant oversupply.

Experts from SBI Research and the EIA project that Brent could soften further, potentially touching $50–$55 per barrel by mid-year. The reasoning is simple: record production from non-OPEC countries (led by the US) is colliding with a cooling demand outlook in major economies.

Practical Takeaways for Investors and Consumers

For those tracking the MCX and international markets, the current "Venezuela premium" appears to be a tactical bounce rather than a structural shift. Here is what to watch in the coming weeks:

• Watch the Spreads: The price gap between heavy and light crude is narrowing. If you are invested in energy stocks, companies with access to heavy crude alternatives may outperform.

• Retail Relief: For consumers in India, the high correlation between Brent and the Indian crude basket suggests that if prices settle near $55, we could see a meaningful drop in fuel prices at the pump by the end of Q1.

• Safe Havens: While oil remains volatile, gold and silver have surged as investors flee to safety amid the uncertainty in Caracas.

The Bottom Line

The US-Venezuela tensions have reintroduced a political risk that was largely absent during the 2025 bear market. However, with a massive global surplus acting as a ceiling, any price spikes are likely to be short-lived. For now, $60 remains the psychological battleground for Brent crude.