Summary:Weekend US Crude via IG Markets Down 5% Iran Will Halt Tit-For-Tat Strikes If US Maintains PauseIran, Oman Hold Hormuz Talks As US Pauses Airstrikes For Second DayIran Will Halt Tit-For-Tat Strikes If US Maintains Pause The diplomatic track appears to have opened with the Trump administration's move to pause strikes as a goodwill gesture ahead of the weekend - now in its second day. That created space for Omani officials to meet their Iranian counterparts over the weekend, with Tehran reporting "some progress." The talks have now produced a reciprocal stand-down, under which Iran would halt retaliatory strikes on US bases as long as the US maintains its pause in airstrikes.Reuters reports:Iran will halt its own attacks as long as the United States maintains its latest pause on air strikes, a senior Iranian official told Reuters on Sunday, after President Donald Trump abruptly called off ‌his two-week-old bombing campaign.After 13 nights of intensifying U.S. air strikes on Iran, the Pentagon abruptly suspended the campaign late on Friday, with no U.S. attacks reported on either Saturday or Sunday.Iran, which had been following each night of U.S. attacks with its own strikes on neighboring countries that host U.S. bases, has also so far held fire for two days.The U.S. ambassador to the United Nations, Mike Waltz, told Fox News on Sunday that Trump had decided to pause U.S. attacks to allow more time for diplomacy."He's giving talks some space, he's giving it a little bit of room," Waltz said, without providing further details.The senior Iranian source, speaking on condition of anonymity, told Reuters: "Iran's position remains 'attack for attack': if the attacks stop, Iran will also halt its operations. That message has already been conveyed to the United States."The source added: "However, Iran is prepared to mount a broad response should the U.S. launch another attack."Asked about the pause, a senior official in Trump's administration said on Saturday that the president "has always been clear that his preference is diplomacy, but he has shown Iran what will happen if they fail to come to the table in a serious way."The senior Iranian source said Tehran did not hold much hope that Trump's decision to pause strikes represented a major shift in the U.S. negotiating position."There is more skepticism than optimism about the halt in attacks. The prevailing view is that the pause is tactical rather than genuine. Iran has accumulated enough bitter experience with what it sees as U.S. deception," the source said.As a result of both sides trying to find a diplomatic route to ending the intensifying tit-for-tat strikes that sent Brent crude futures north of $100 a barrel last week, Weekend US Crude via IG Markets is down about 5% as of late morning New York time.Iran, Oman Hold Hormuz Talks As US Pauses Airstrikes For Second DayThe US military paused its air campaign against Iran for a second consecutive night after nearly two weeks of tit-for-tat strikes. US strikes were aimed at degrading Tehran's one-way attack drone and missile capabilities around the Strait of Hormuz, while Iran hit US bases in the region.The pause offers the clearest signal yet that a diplomatic off-ramp may be emerging, with Iranian and Omani officials reporting progress in talks to reopen the critical waterway.Iranian Foreign Ministry spokesman Esmail Baghaei said in a Telegram post that he met with the Omani deputy foreign minister and held talks on Friday and Saturday about restoring safe transit for commercial vessels through the Strait of Hormuz.Baghaei said the officials exchanged views on principles and operational mechanisms for managing safe maritime navigation through the strait."The talks were constructive, and some progress was made," he added, noting that technical and political consultations remain ongoing. The Omani delegation left Tehran on Saturday evening.Camera zooms in to reveal LINE of ships all 'stopped in Strait of Hormuz' — Fars News pic.twitter.com/F8wDPdBDBT