Brent crude futures plunged more than 15% toward $90 per barrel on Wednesday after President Donald Trump delayed his threat to attack Iranian civilian infrastructure by two weeks in what he described as a “double-sided ceasefire,” contingent on Iran reopening the Strait of Hormuz. The announcement came less than two hours before the expiration of Trump’s deadline for Iran to reopen the critical waterway or face strikes on its power plants and bridges. Trump also said the US had received a 10-point proposal from Iran that he called a “workable basis for negotiations,” with the two-week window allowing a potential agreement to be finalized and implemented. However, Tehran has not confirmed Trump’s claims or indicated it would allow the resumption of commercial shipping through Hormuz. The near-closure of the vital waterway, through which about 20% of global oil flows, has roiled energy markets and heightened risks of rising inflation and a global economic slowdown.