West Asia War LIVE: Iran halts strikes as Trump gives space to talks

Home News World Oil prices fell on Asian markets early Monday (July 27, 2026) as investors breathed cautious sighs of relief at the pause in combat. Updated - July 27, 2026 07:09 am IST U.S. President Donald Trump. File | Photo Credit: AP Iran and the United States held their fire on Sunday (June 25, 2026), handing Gulf shipping and the oil industry a respite from missile strikes as Donald Trump’s UN envoy said the president was “giving talks some space”.Iran said it had halted retaliatory attacks against Washington’s allies in the Middle East, and US ambassador to the United Nations Mike Waltz told Fox News Sunday that, while forces remained “locked and loaded”, Trump would give negotiations “a little bit of room”.Also read | Iran halts ‘retaliatory strikes’ after lull in U.S. attacksPrior to Friday (July 24, 2026), the U.S. military had carried out strikes on Iran for 13 consecutive nights, in the largest rekindling of the almost five-month-old war since an April ceasefire. Friday and Saturday nights passed without bombing.Also read | Iran says progress in Oman talks on Hormuz Strait management“These attacks continued until two nights ago, but over the past two nights the Americans have stopped their attacks,” said Iran’s army spokesman Mohammad Akraminia.July 27, 2026 07:09 Oil slips 5% after U.S., Iran pause fighting over weekendOil prices tumbled 5% on Monday ⁠after the U.S. and Iran paused strikes over the weekend after two weeks of attacks, raising hopes of a diplomatic solution that would de-escalate ‌the conflict and allow shipping to resume in the Strait of Hormuz.Brent crude futures fell $4.89, or 5.05%, ‌to $91.89 by 0009 GMT after briefly slipping under the ‌key ⁠support level of $90 earlier in the session.U.S. West Texas ⁠Intermediate crude was at $84.64 a barrel, down $4.67, or 5.23%.Both contracts are trading at their lowest levels in nearly a week after rising for the past three weeks.- ReutersJuly 27, 2026 07:08 Dollar pulls back as US-Iran attacks pause, oil dropsThe dollar slumped against its major peers at the start of Asian trading on Monday after the U.S. paused its ‌bombing campaign in Iran during the weekend, prompting a drop in oil prices and boosting ⁠global investor confidence.Against the yen, the U.S. dollar was down 0.2% at 163.585 yen, its biggest decline since July 10. ‌The euro was up 0.2% at $1.1397, while the British pound rose by a similar magnitude to $1.3353.Oil ‌prices sank in early Asian trade, with ‌Brent ⁠crude tumbling 4.7% to $92.19 after the U.S. military temporarily ⁠halted its two-week long strikes. Iran will halt its own attacks as long as the U.S. does the same, a senior Iranian official told Reuters ‌on Sunday, following a China-led push to resume stalled diplomatic efforts in Pakistan to end the war.- Reuters Published - July 27, 2026 06:59 am IST