US and Iran pause attacks after 13 nights of airstrikes, oil drops 6% as diplomacy gains room

A fragile pause

After 13 consecutive nights of US airstrikes on Iranian territory, the Trump administration halted the bombing campaign on Friday evening. Iran, which had been responding with attacks on Gulf states hosting American bases, also stopped its strikes. Sunday morning marked the second full day without reported attacks on either side. US ambassador to the UN Mike Waltz told Fox News that President Trump is giving negotiations room.

“He's giving the negotiations some room.”

Waltz added that Oman, Iran and other negotiators have been active at all levels, from the highest to the technical. Trump himself did not comment on the pause, though he earlier posted computer-generated images on Truth Social depicting US warplanes bombing Iranian ships and Kharg Island.

Diplomatic backchannel

An Omani delegation visited Iran in the past two days for talks on shipping through the Strait of Hormuz, foreign ministry spokesman Esmaeil Baghaei confirmed. He told Austrian broadcaster ORF that mediators from Qatar and Pakistan are exchanging messages between Washington and Tehran, but cautioned that Iran had been betrayed in earlier diplomatic peace efforts. Baghaei described the talks as useful, though there was no change in the transit situation of the strait. Trump, meanwhile, said the US and Iran remain in contact.

“I think they're getting more serious by the day, maybe for an obvious reason.”

Oil markets breathe

The pause had an immediate effect on crude prices. Brent, the main benchmark for Middle Eastern oil, fell about 6% to around $91 per barrel, down from over $100 last week. West Texas Intermediate dropped below $84. The relative calm around the Strait of Hormuz, a chokepoint for roughly a fifth of global oil flows, eased supply fears that had driven prices higher during the two weeks of strikes.

Skepticism and ammunition concerns

In Tehran, a high-ranking Iranian source told Reuters there is more skepticism than optimism about the halt, viewing it as tactical rather than sincere. The source said he does not have much hope that Trump's decision signals a major shift in the Pentagon's negotiating position. The New York Times, citing anonymous US officials, reported that Trump postponed a larger-scale attack partly because of dwindling supplies of Patriot interceptor missiles and other defensive equipment protecting Gulf allies. NBC News added that the military had deliberately not intercepted some Iranian missile attacks for the same reason. Waltz denied the reports.

“The US military has everything it needs to carry out this operation as effectively as necessary.”

Ukraine accusation

Separately, Iran accused Ukraine of a deadly attack on an Iranian commercial ship. During phone calls with EU foreign policy chief Kaja Kallas and Russian foreign minister Sergey Lavrov, an Iranian official said the act cannot go unanswered.

“What that profiteer in Kiev has done cannot go unanswered.”