Tehran said on Sunday that it still controlled the Strait of Hormuz and was not looking to resume peace talks with Washington, after President Donald Trump halted a two-week U.S. bombing campaign. The strikes had intensified over 13 nights before the U.S. paused them over the weekend, following advice from senior military officials that the operation had reached its limits.
The Iranian regime said it would also pause its own attacks as long as the U.S. kept its bombing on hold. The end of the campaign sent oil prices lower, with markets hoping disrupted supplies could start flowing again through the strait. Brent crude, which had briefly risen above $100 a barrel last week for the first time since May, fell more than 8% on July 27 to just under $89.
However, there were signs on Sunday that the ceasefire may already be under strain. Jordan said it shot down two drones, while Iraqi sources reported strikes on a base used by Iranian Kurdish opposition fighters in northern Iraq.
