The U.S. And Iran Halted Strikes In The Middle East. Oil Prices Are Plummeting

The U.S. halted its bombing campaign around the Strait of Hormuz last Friday after Brad Cooper, the commander of the U.S. Military Central Command (CENTCOM), said it had hit its limit of effectiveness, according to a new report.

The U.S. has not conducted new attacks since Friday, leading Iran to hold its own military action, which has targeted different Gulf countries.

Cooper claimed that almost two weeks of relentless strikes had significantly degraded Iran's position around the key waterway, which is seeking to control following the war between the countries.

Oil prices, which had been soaring over the past two weeks as hostilities escalated, have plummeted as a result.

Brent crude, the international benchmark, dropped 6.28% on Monday 7:23 a.m. ET and clocked in at $85.92 per barrel after topping $100 late last week. West Texas Intermediate, the U.S. benchmark, fell further and stood at $83.32 per barrel at the same time.

U.S. Ambassador to the United Nations Mike Waltz also acknowledged that that the pause was aimed at "giving diplomacy some space."

"The president tried diplomacy last year, tried it this year. He is a president of peace. He is giving diplomacy a chance," Waltz said.

Elsewhere, Axios also noted that the chairman of the Joint Chiefs of Staff, Gen. Dan Caine, also said dwindling stockpiles of interceptors could prevent the U.S. from properly defending its positions and those of its allies.

On Sunday, CBS News reported that Iranian officials and their Omani counterparts have made progress in talks to go back to a ceasefire.

One Iranian official told the outlet that the talks to reopen the contentious Strait of Hormuz are moving in a positive direction.

In the meantime, the U.S. and the U.K. are set to convene a high-level meeting to discuss setting up an international coalition to guarantee safe passage through the Hormuz Strait.

Axios detailed in another report that the meeting is set to take place in London and could feature the attendance of Defense Secretary Hegseth and Dan Caine, as well as other top officials from different countries.

The outlet went on to note that Washington wants to build on previous discussions the U.K. and France had in recent month about such a coalition. However, some countries said they would only join if fighting in the waterway stops.