President Donald Trump appears to have begun a de-escalation of the war on Iran, sparking a relief rally in financial markets and sending the price of oil tumbling. However, there are still significant doubts about the next steps in the conflict, which has been controversial at home and negatively impacted the global economy. Critics argue that the president is backing down on an ill-conceived conflict, while supporters argue that he has significantly degraded Iran's capabilities. The Iranian leadership denies any direct negotiations taking place regarding the talks, with the speaker of the Iranian Parliament suggesting that no negotiations have been held with the US. The price of Brent crude oil had dropped almost 11 percent for the day.