US and Iran Extend Strike Pause as Oman Mediates Hormuz Talks, Crude Falls Below $90

Bloomberg reported that the US paused strikes against Iran for a second night while Iran signaled it was refraining from retaliation and held talks with Oman over the Strait of Hormuz, easing concerns over Middle East energy disruptions.

After 13 straight nights of strikes aimed at degrading Iran's ability to attack commercial shipping, the US has held off since late Friday without explanation. Iran's army said Tehran had halted its retaliation. Army spokesman Mohammad Akraminia told state TV that the US may have devised other scenarios but the current situation is not what they desire, warning that if Americans insist on continuing, the geography of the war will expand.

Iranian and Omani deputy foreign ministers met in Tehran on Friday and Saturday to discuss maritime navigation through Hormuz. Foreign Ministry spokesman Esmail Baghaei said the talks were constructive and some progress was made, though traffic through the strait remained unchanged.

The halt eased concerns over energy supplies. US equity-index futures rallied and Brent crude fell as much as 7.4% to below $90 a barrel before paring losses.

US Ambassador to the UN Mike Waltz said on NBC's Meet the Press that he wouldn't say Trump had decided against escalation, adding the president is keeping all options on the table and giving the talks some space. Waltz said talks were ongoing at every level up to the highest level of Iranian and US leadership.

Axios reported that Admiral Brad Cooper, the top US commander overseeing the Middle East, recommended stopping strikes because they had reached the limit of their effectiveness and the US had exhausted its list of targets. Waltz denied concerns about depleted Patriot interceptor stocks.

Trump said late Friday the US is "locked and loaded" for major strikes but has not decided whether to proceed. White House spokesman Steven Cheung said Trump prefers a diplomatic solution but retains all options.