Iran and the United States refrained from launching attacks on Sunday, 25 July, providing a temporary reprieve from missile strikes for Gulf shipping and the oil sector, as Donald Trump’s representative to the UN stated that the president was “allowing room for negotiations.”
Iran announced that it had stopped its retaliatory strikes on Washington’s allies in the Middle East, and US ambassador to the United Nations Mike Waltz told Fox News Sunday that although forces were still “locked and loaded,” Trump would allow some space for negotiations.
Clashes over control of the strategic Strait of Hormuz undermined diplomatic efforts between Washington and Tehran, setting off a U.S. air campaign and Iranian counterattacks that widened the conflict to include shipping routes, Gulf partners, and military bases throughout the region.
Oil prices fell sharply after the US halted its strikes on Iran. Brent crude, the global benchmark, dropped 6.5 pc toward $90 per barrel amid renewed optimism for a ceasefire and the reopening of the Strait of Hormuz.
The benchmark 30-share BSE Sensex advanced 532 points, or 0.7 percent, to 76,592, while the broader NSE Nifty index climbed 150 points, or 0.6 percent, to 23,913 on Monday.
Mike Waltz, the US ambassador to the United Nations, said on ‘Fox News Sunday’ that US President Donald Trump has temporarily halted strikes on Iran to create more opportunity for diplomatic efforts. “He’s giving negotiations some space, he’s giving it a bit of room,” Waltz stated.
