Iran and the United States have suspended retaliatory military actions, providing temporary stability to Gulf shipping lanes and global oil markets after weeks of intensified conflict near the Strait of Hormuz.
Issued on: 27/07/2026 – 11:24
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Iranian military spokesman Maj. Gen. Mohammad Akraminia confirmed Monday that Tehran had ceased retaliatory operations against U.S. regional allies, aligning with remarks from U.S. Ambassador to the UN Mike Waltz, who indicated President Donald Trump was prioritizing diplomatic engagement.
However, Waltz emphasized U.S. forces remain prepared for renewed hostilities. “We are locked and loaded,” he stated on Fox News, warning that military action could resume if negotiations stall.
The truce follows a months-long cycle of escalation marked by U.S. airstrikes and Iranian retaliatory attacks targeting shipping routes, Gulf states, and military infrastructure. This marked the first respite since the U.S. intensified operations to 13 consecutive nights earlier this month, the longest sustained campaign since a ceasefire in April.
“Our strategy being inherently retaliatory, we’ve similarly paused these measures,” Akraminia added. The lull occurs amid reports of unclear incidents, including an alleged sea mine strike near an oil tanker in the Strait of Hormuz, highlighting ongoing risks to maritime trade.
Energy markets reacted sharply to the pause, with North Sea Brent crude plummeting 7% to briefly dip below €79 per barrel, while U.S. West Texas Intermediate fell 4% to €75. Analysts attribute the decline to reduced immediate disruption risks despite lingering threats to vessels navigating the critical oil transit chokepoint.
Diplomatic progress is tentative. U.S. media suggests potential logistical pressures, including dwindling stocks of Patriot missile interceptors, may have influenced the temporary halt. Trump dismissed such claims, asserting, “We have far more munitions than anyone globally, and far more than we need,” in an interview with The Wall Street Journal.
Netanyahu Pressures Trump on Iran’s Nuclear Agenda
Israeli Prime Minister Benjamin Netanyahu plans to urge Trump to sustain pressure on Iran during a White House meeting Tuesday, emphasizing concerns over Tehran’s nuclear program. Trump reiterated openness to negotiations, noting, “They’re getting more serious,” while avoiding confirmation on restoring full military operations.
Iran maintains its nuclear activities are purely civilian, a stance contested by U.S., Israeli, and allied intelligence. Netanyahu framed support for diplomatic solutions contingent on achieving tangible progress.
The conflict, initially projected by Trump to resolve within four to five weeks, now nears its fifth month, impacting public opinion ahead of November midterm elections. Despite the truce, residents in Tehran reported Sunday streets bustling with traffic and persistently high temperatures, reflecting a return to routine under heightened security.
(with newswires)