Global oil prices plummeted and financial markets rallied after Washington paused a bid to reopen the Hormuz Strait to give peace negotiations a chance

Oil prices fell after Trump said the U.S. would pause its naval escort endeavor in the Strait of Hormuz, raising hopes of a potential deal with Iran.

President Donald Trump raised hopes of an agreement between the US and Iran after days of escalation.

Global oil prices plummeted and financial markets rallied after Washington paused a bid to reopen the Hormuz Strait to give peace negotiations a chance