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Iran Halts Retaliation as US Stays Its Strikes for a Second Night
Oil prices fell sharply as a temporary lull in the Iran conflict helped calm risk sentiment, with Tehran saying it paused retaliatory attacks against US allies in the Middle East while Washington refrained from striking Iran for a second night in a row, according to OilPrice.
Iran’s military leadership also warned it could expand attacks across the region, raising the prospect that Iran-allied Houthi rebels in Yemen could step up actions that disrupt Red Sea shipping, an artery for global trade and energy flows.
The July 26 overnight lull came two days before a scheduled July 28 meeting in Washington between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu, marking five months since US and Israeli forces launched air strikes on Iranian targets.
OilPrice also noted that Iran has previously pushed back by targeting US allies and that it has effectively closed the Strait of Hormuz, the chokepoint through which a large share of oil and gas normally moves to global markets, though Washington has at times declared partial cease-fires.