U.S. and Iran pause strikes for third day, oil prices fall

A fragile pause in hostilities between the United States and Iran held for a third consecutive day on Monday, July 27, offering a tentative opening for diplomacy after nearly two weeks of sustained military exchanges. The halt in direct strikes, which began on July 25, triggered a sharp drop in global oil prices as markets reacted to the potential for de-escalation, though shipping through critical regional waterways remained severely depressed.

The United States paused its campaign of airstrikes against Iranian coastal infrastructure following approximately 13 consecutive nights of attacks. U.S. Ambassador to the United Nations Mike Waltz stated that President Donald Trump had decided to pause military operations to allow more time for diplomacy. In response, a senior Iranian official confirmed that Iran had suspended its retaliatory strikes against U.S. allies in the Gulf, characterizing Tehran's position as "attack for attack."

Reports indicate the U.S. decision followed internal deliberations where senior military officials, including Admiral Bradley Cooper, the top U.S. commander in the region, and General Dan Caine, chairman of the Joint Chiefs of Staff, advised that the...