Iran and Israel Say They Have Halted Strikes on Each Other for Now

Iran and Israel declared on Monday that they had ceased attacks against each other, responding to an appeal from U.S. President Donald Trump for an immediate "ceasefire." However, Tehran indicated it would resume strikes if Israel continued to target Hezbollah in Lebanon. The recent wave of attacks, occurring within a 24-hour period, represented the most direct confrontation between Iran and Israel since an April ceasefire, posing a significant threat to Washington's attempts to negotiate an agreement with Tehran to end their more than three-month-old war.

Oil prices, which had surged as much as 5% following the initial flurry of attacks, saw their gains diminish when Iran's military announced the completion of its first wave of strikes on Israel. The U.S. dollar also retreated from its highest level in nearly two months. A source familiar with the matter confirmed that Israel had also decided to halt its attacks on Iran.

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Accordingly, the operations of the armed forces are hereby declared halted; however, it is emphasized that if the aggressions and acts of mischief continue, including in southern Lebanon, much more severe and crushing actions than before will follow.

Tehran had launched missiles toward Israeli territory late Sunday, characterizing them as retaliation for Israeli strikes on strongholds of the Iranian-backed Hezbollah militia near Beirut. Israel subsequently targeted a petrochemical plant in southwestern Iran, which it claimed was used for producing ballistic missiles. Iran's Islamic Revolutionary Guard Corps (IRGC) stated it had retaliated with a strike aimed at a similar Israeli plant in Haifa.

Iran's military asserted it had "delivered a painful response" to Israel for its attacks on Lebanon. "Accordingly, the operations of the armed forces are hereby declared halted; however, it is emphasized that if the aggressions and acts of mischief continue, including in southern Lebanon, much more severe and crushing actions than before will follow." Hours after Iran's announcement, sirens sounded in northern Israel's Zar'it area when a projectile was detected falling in southern Lebanon, where Israeli forces were operating. No casualties were reported.

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Israel and Iran both wanted an immediate ceasefire.