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A tense standoff between Iran and the United States eased Sunday, with both nations holding fire and offering a temporary respite to Gulf shipping and the global oil market. Iran announced it had halted retaliatory attacks against Washington's allies in the Middle East, a move echoed by the US, whose UN envoy said President Donald Trump was "giving talks some space."

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These attacks continued until two nights ago, but over the past two nights the Americans have stopped their attacks. Since... our strategy has essentially been retaliatory, we have also halted our retaliatory operations.

Oil prices reacted immediately to the de-escalation. International benchmark North Sea Brent crude fell 5.89 percent to $91.08 a barrel in early Monday trading in Asia, while US counterpart West Texas Intermediate slid 5.73 percent to $84.19. This followed 13 consecutive nights of US strikes on Iran, the most intense period of the nearly five-month-old conflict since an April ceasefire.

US Ambassador to the United Nations Mike Waltz emphasized that forces remained "locked and loaded" but confirmed the pause. "The US military -- and I've verified this every which way -- has everything that it needs to conduct this campaign as effectively as it needs to be," he told NBC News, dismissing suggestions the pause was due to US weapons shortages.

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I want to be crystal clear. The US military -- and I've verified this every which way -- has everything that it needs to conduct this campaign as effectively as it needs to be.

Israeli Prime Minister Benjamin Netanyahu is scheduled to meet with Trump at the White House, where he is expected to press for continued pressure on Iran, particularly regarding its nuclear program. Netanyahu told Fox News that while he backed Trump's efforts to halt Iran's nuclear ambitions, "one way or the other, they have to end their nuclear programme, and with a deal or without a deal, that has to come to an end."

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If he can do so without returning to intense military fighting, that's fine. Why not? But one way or the other, they have to end their nuclear programme, and with a deal or without a deal, that has to come to an end.