U.S. Pauses Iran Strikes Amid Talks of Potential Weekend Deal; Drones Intercepted in Strait

President Donald Trump announced a halt to planned military strikes against Iran, stating that a diplomatic breakthrough could lead to a 'very strong memorandum of understanding' as early as this weekend. According to the President, the proposed framework would involve the reopening of the Strait of Hormuz to international traffic. While Washington remains optimistic, the administration continues to use the threat of action against Iran's oil infrastructure as a bargaining tool, and Israel has been briefed on the developments although it is not a formal party to the current memorandum. On the ground, tensions remain high despite the diplomatic pivot. U.S. forces intercepted two Iranian one-way attack drones in the last 24 hours that were reportedly targeting commercial shipping in the Strait of Hormuz. Despite the engagement, maritime traffic has continued to flow through the region. International observers, including India, have called for maximum restraint and the protection of merchant shipping at the UN Security Council. The prospect of an immediate ceasefire sparked a significant reaction in global energy markets. West Texas Intermediate (WTI) and Brent crude prices both plummeted by more than 4% as the perceived risk of a wider regional conflict eased. However, analysts at Saxo and other financial institutions warn that the market optimism may be premature, noting that Tehran has not yet confirmed the terms of the agreement. Without official verification from Iranian leadership, the current de-escalation is viewed by many as a fragile pause rather than a definitive resolution.