Donald Trump, the president of the United States, announced that the US and Iran had had "very good and productive conversations" regarding a resolution of hostilities in the Middle East, following a threat he made amid the ongoing war in Iran. However, Iranian officials have accused him of lying. The announcement sparked a drop in the price of oil, but the price rose again after Iran denied any talks between the two countries had taken place. The president had previously threatened to attack Iran's power supply within 48 hours if Iran did not open the Strait of Hormuz, a waterway that carries roughly one-fifth of the world's oil. Despite Iran's denials, Trump has insisted that the U.S. will continue bombing Iran if talks are not successful.