The operation, which had only launched the day before, was part of a broader American effort to reopen one of the world's most critical maritime chokepoints. Since the conflict began roughly two months ago, the strait has been effectively sealed, cutting off around 20 percent of global oil supplies and triggering a widespread energy crisis. Trump, posting on social media, said both sides had mutually agreed to pause what he called "Project Freedom" while negotiations moved forward, though the existing blockade would remain in place.

Markets responded almost immediately. U.S. crude oil futures dropped by $2.30, slipping below the $100 per barrel mark — a level that had become closely watched since energy prices began their sharp climb at the start of the conflict.

Military Operations and Ongoing Tensions
Earlier in the day, Secretary of State Marco Rubio had addressed reporters at the White House, declaring that the broader military campaign, launched on February 28 alongside Israel and known as Operation Epic Fury, had concluded. He stated that the United States had achieved its objectives and made clear that Washington had no desire to see further escalation.

The U.S. military confirmed that on Monday it had destroyed several Iranian small boats, along with cruise missiles and drones. Two American merchant ships had successfully passed through the strait, and a U.S.-flagged vessel operated by shipping company Maersk exited the Gulf under military escort. Iran denied that any crossings had taken place.

Defense Secretary Pete Hegseth said hundreds of commercial ships were lined up and ready to transit the waterway, adding that the four-week ceasefire with Iran remained intact — but was being monitored with extreme care. General Dan Caine, chairman of the Joint Chiefs of Staff, noted that Iranian attacks on U.S. forces had not yet crossed the threshold that would trigger a resumption of major combat. Trump, asked what Iran would need to do to break the ceasefire, gave a pointed reply: "They know what not to do."

The situation remained volatile nonetheless. The UAE's defence ministry reported that its air defences were once again intercepting missile and drone attacks originating from Iran, though Iran's military denied responsibility. The UAE's foreign ministry called the strikes a serious escalation and reserved its right to respond. Iran's foreign ministry, for its part, insisted its forces had only acted in defense against American aggression.

Diplomacy, Casualties, and What Comes Next
The human and economic toll of the conflict has been severe. Thousands have been killed as fighting spread beyond Iran into Lebanon and the Gulf. The head of the International Monetary Fund warned that even an immediate end to hostilities would require three to four months to reverse the economic damage. Rubio noted that ten civilian sailors had died, and that crew members stranded on vessels in the waterway were going without adequate food or contact with the outside world.

On the diplomatic front, progress has been slow. Only one round of direct peace talks between U.S. and Iranian officials has taken place, and efforts to schedule follow-up meetings have stalled. Iranian Foreign Minister Abbas Araqchi has said negotiations are continuing with Pakistan serving as a mediator. He traveled to Beijing on Wednesday to meet with his Chinese counterpart, with discussions expected to cover both regional developments and bilateral ties. Trump is also scheduled to visit China later this month, adding another layer of diplomatic activity to an already crowded stage.

Iran has maintained throughout that it has the right to develop nuclear technology for peaceful purposes under the Nuclear Non-Proliferation Treaty, while denying it seeks a nuclear weapon. The U.S. has pointed to Tehran's stockpile of over 900 pounds of highly enriched uranium as a major sticking point — material that has not been handed over despite ongoing pressure.