Overview
- President Donald Trump said he halted a planned large-scale attack and announced negotiations would begin immediately, calling the effort a last chance for Iran to reach a deal.
- Iran’s foreign ministry rejected direct talks with Washington and said discussions are limited to Oman about a temporary shipping route through the Strait of Hormuz.
- Gulf mediators, including Oman and Saudi Arabia, pressed the United States to pause strikes and pushed for a diplomatic path to ease tensions.
- Markets reacted to the prospect of diplomacy with oil prices falling and shipping remained tense after a cargo vessel reported being struck near the mouth of the strait.
- The standoff highlights a recurring U.S. pattern of threats followed by pauses and underscores the strategic leverage Iran gains by restricting a chokepoint that once carried about one-fifth of global oil flows.