Overview
- Over the weekend the United States and Iran halted reciprocal strikes to give diplomacy room, a move confirmed by U.S. and Iranian spokespeople.
- Brent and U.S. crude fell roughly 5–8% on Monday as traders priced lower near‑term disruption risks.
- Global stocks and bonds rallied and yields fell as investors pulled back some inflation worries tied to oil costs.
- Traffic through the Strait of Hormuz and the Bab al‑Mandeb remained near a standstill, with commercial data showing fewer than 10 commodity vessels through Hormuz over the weekend and fresh Houthi attacks threatening Red Sea routes.
- Reports say U.S. military leaders recommended the pause because of limited operational effectiveness and concerns about dwindling interceptors and munitions, and diplomats are pursuing talks with Oman but no signed agreement or verification mechanism has been announced.