US-Iran Fighting Pauses for Diplomacy

The United States and Iran have paused hostilities after nearly two weeks of strikes, with Washington saying it is giving diplomacy room to work.

Mediators reported progress in talks to reopen the Strait of Hormuz, a vital oil chokepoint, boosting hopes for a de-escalation of the conflict.

Oil prices fell sharply and stock futures rose as tensions cooled.

President Trump warned he is ready for strong military action if the diplomatic efforts fail.