Trump Steps Back, Halts Iran Strikes for 10 Days

The announcement comes as Washington and Tehran continue indirect exchanges through intermediaries, with both sides signaling cautious openness to further discussions despite sharp disagreements over ceasefire terms and regional security demands.

Trump said negotiations with Iran were “going very well,” adding that the United States would hold off further strikes on Iranian energy assets while diplomatic efforts continue. The decision marks a temporary de-escalation in a conflict that has intensified over the past month.

He had previously issued a 48-hour ultimatum to Tehran, later replaced by a five-day deadline, warning of severe strikes if Iran did not reopen the strategic waterway. The latest extension pushes that timeline further amid what the White House describes as “ongoing progress” in talks.

The Strait of Hormuz, a vital global energy corridor, has effectively been disrupted by the conflict, with Washington accusing Tehran of restricting maritime traffic. Roughly 15% of global oil and 20% of liquefied natural gas flows through the passage.

Iran has rejected key elements of a reported U.S. ceasefire proposal but has not ruled out submitting a counteroffer, according to Iranian state-linked reporting. Tehran has also insisted on conditions including compensation for war damage and recognition of its sovereignty over the strait.

Global financial markets reacted sharply to the developments, with oil prices rising above $100 per barrel and major U.S. stock indexes falling. The S&P 500 and Nasdaq both posted significant losses, with analysts citing fears of prolonged instability in energy supply chains.

The U.S. Treasury Department has also eased sanctions on large volumes of Iranian oil already at sea, in what officials describe as an effort to stabilize energy markets amid volatility.

Military operations by the United States and Israel have continued to target Iranian infrastructure and senior leadership, while Iran maintains it is still exchanging messages through intermediaries rather than engaging in formal negotiations.

At the same time, Washington has accused NATO allies of failing to support its efforts in the region, highlighting growing divisions between the U.S. and Europe over the conflict’s management and potential escalation.