US and Iran pause strikes for third day amid diplomatic push on Hormuz

A three-day pause in US-Iran military strikes, supported by mediated diplomatic talks, has triggered a 5–9% drop in Brent crude oil to below $88/barrel, signalling reduced immediate supply-chain risk to global energy markets. Negotiations focus on establishing mechanisms to manage the Strait of Hormuz—a chokepoint through which roughly one-third of seaborne oil passes—currently subject to Iranian control claims and disputed access. Failure to extend the pause risks rapid resumption of strikes, renewed naval blockade, further price volatility, and continued drone attacks on regional energy infrastructure in Saudi Arabia, Iraq, and Jordan. Regional stakeholders including Qatar, Pakistan, and Oman are key conveyors in talks; Netanyahu's arrival in Washington Tuesday may signal US policy realignment on the conflict's scope.