Tensions in the Middle East eased as the US and Iran suspended hostilities | Today’s news
The U.S. and Iran hit back at each other for a third night in a row, helping lift global stock and bond markets and push oil prices lower.
US President Donald Trump, who last week threatened to step up attacks in Iran, is giving diplomacy “some space”, Mike Waltz, Washington’s ambassador to the United Nations, said on Sunday.
The New York Times reported that Trump and his advisers decided to delay plans to escalate US strikes, in part because of concerns about dwindling air defense stocks such as Patriot fighter jets. Waltz told NBC that US forces have all the weapons they need.
Trump has consistently said he “prefers a diplomatic solution, but continues to reserve all options if Iran continues terrorist activities in the Strait of Hormuz or against allies,” a White House spokesman said in a statement.
Iran’s military says it has halted retaliation against US bases and troops in the region as a result of Trump’s decision to delay the strikes. The Islamic Republic attacked Kuwait, Bahrain and Jordan almost daily in the two weeks before the US pause on Friday.
Brent crude fell more than 6% to $91 a barrel in early trading on Monday after climbing 10% last week on worsening fighting and Trump telling Axios he was considering a “massive attack.” U.S. Treasury yields also fell, while Asian stocks rallied.
But tensions between the warring parties remain high and Iran has said the status of the Strait of Hormuz is unchanged, meaning it will likely continue to target commercial ships that do not receive its permission before transiting. Traffic through the vital waterway, which before the conflict carried a fifth of the world’s oil and liquefied natural gas reserves, remains negligible.
On Monday, Iranian state television said Tehran forced six ships passing through the southern corridor near Oman’s coast to turn around. One of the ships suffered an “incident,” according to the reports, which cited an Iranian official with knowledge of the matter.
“We have never allowed and will never allow the United States to determine the timing of war,” an Iranian foreign ministry spokesman said Monday. “We will defend ourselves whenever our interests require it, and we will certainly use diplomatic tools whenever we see fit.”
Meanwhile, the US maintains a blockade of Iranian ports.
The lull in fighting came as Iranian and Omani officials met at the weekend in a new attempt to resolve shipping through Hormuz. Iran said the talks were constructive and some progress had been made, although it did not give details, additional consultations are continuing.
In recent weeks, Iran has been trying to persuade Oman to establish a joint strait management system that could effectively charge ships. It’s unclear whether the two are still discussing it, although Tehran has consistently said it wants to control traffic in the chokepoint.
Clashes between Yemen-based Houthis and Saudi Arabia over the past week have also increased the risks for shippers. The Houthis, a militant group backed by Iran, fired on vessels in the southern Red Sea after threatening to make any calls at Saudi ports.
The Saudi-led coalition responded with attacks on Houthi positions in Yemen on Friday and Saturday, leading the group to target the Saudi port cities of Yanbu and Jizan with missiles and drones. There was no immediate confirmation from the Saudi government or oil giant Saudi Aramco, whose facility the Houthis said they targeted.
Since early Saturday, there have been no reports of mutual attacks from either the Saudis or the Houthis.
This article was generated from an automated news agency source without text modification.
