Iran agrees to pause attacks if US halts strikes, easing geopolitical tensions and pressuring crude prices lower.
Oil markets face downward pressure after Iran committed to a ceasefire contingent on the US maintaining its pause in strikes. The 13-day conflict saw the US halt operations, reportedly due to concerns over depleting interceptor supplies and limited viable targets in Iran.
Prior to the pause, US officials, including Joint Chiefs Chairman General Dan Caine, warned President Trump that further attacks could strain munitions reserves. Iran expressed skepticism but confirmed its ceasefire stance if US strikes remain suspended, a message conveyed directly to Washington.
Diplomatic efforts, including talks mediated by Oman, aim to ease restrictions in the Strait of Hormuz, a critical chokepoint for global oil shipments. The deputy foreign ministers of Iran and Oman met over the weekend to discuss maritime navigation management.