US-Iran Strike Pause Enters Third Night Amid Hormuz Talks

Global oil markets eased Monday after the United States and Iran halted direct strikes for a third consecutive night, creating room for renewed diplomacy through intermediaries. The pause followed nearly two weeks of US airstrikes and Iranian retaliatory attacks that had unraveled a June memorandum of understanding on the Strait of Hormuz. Brent crude fell more than 5 percent to around $91 a barrel.

US Ambassador to the United Nations Mike Waltz told broadcasters that President Donald Trump was giving talks space while keeping all military options available. Iranian army spokesman Mohammad Akraminia confirmed Tehran had stopped its own operations because its strategy remained retaliatory. No direct US-Iran negotiations are under way, Iranian Foreign Ministry spokesperson Esmail Baghaei said; talks instead involve Oman on managing shipping through the strait, which Iran continues to describe as closed.

The Pentagon updated its casualty database over the weekend, recording 18 US troops killed and 624 wounded since operations began February 28. Reports from multiple outlets noted administration concerns over air-defense interceptor stocks, though Trump and Waltz rejected claims of shortages. Axios reported that Central Command chief Adm. Brad Cooper advised halting strikes after targets were exhausted.

Separate military actions continued elsewhere. Saudi forces struck Houthi targets in Yemen after attacks on Red Sea shipping. Ukrainian forces struck an Iranian commercial vessel in the Caspian Sea, killing one sailor; Kyiv said the ship carried cargo supporting Russia. Iran called the strike a criminal act.

Negotiators face core disputes over the strait’s control, Iran’s nuclear program, sanctions relief, and Tehran’s regional proxies. Analysts at Deutsche Bank warned that simultaneous disruptions in the Gulf and Red Sea routes remain possible even during the lull.