On Monday, July 27th, 2026, Iran and the United States ceased missile strikes, providing a respite for Gulf shipping and the oil industry. Iran announced it had halted retaliatory attacks against Washington’s allies in the Middle East. Iran’s army spokesman Mohammad Akraminia stated, “Since … our strategy has essentially been retaliatory, we have also halted our retaliatory operations.”
US ambassador to the United Nations Mike Waltz told Fox News Sunday that although US forces remained “locked and loaded,” President Donald Trump was "giving negotiations a little bit of room." Trump’s UN envoy also said the president was “giving talks some space.”
The conflict, centered around the strategic Strait of Hormuz, had escalated with US air strikes on Iran for 13 consecutive nights prior to Friday, marking the largest flare-up since an April ceasefire. However, no bombings occurred on Friday, Saturday, or Sunday nights.
The pause in fighting led to a significant drop in oil prices, with the international benchmark Brent crude plunging eight percent to approximately US$89 a barrel as investors reacted cautiously to the ceasefire.
Sources:
- South China Morning Post World, Agence France-Presse
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