US President Donald Trump has announced on Tuesday that he would briefly pause the operation to escort ships through the Strait of Hormuz, dubbed "Project Freedom", citing "great progress" towards an agreement with Iran, while the blockade remains in force.
Hours earlier, US Secretary of State Marco Rubio had outlined the effort that began on Monday to escort stranded tankers out of the Gulf.
The Strait has been virtually shut since the conflict began, blocking some 20 per cent of world oil supplies and igniting a global energy crisis.
"We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom ... will be paused for a short period of time to see whether or not the Agreement can be finalised and signed," Trump wrote on social media.
There was no immediate reaction from Tehran, where it was early on Wednesday morning.
Shortly after Trump's post, US crude oil futures fell $2.30 and broke below $100 per barrel, a much-watched threshold since the conflict sent energy prices soaring two months ago.
The White House did not immediately reply to a request for comment on what progress had been made, or how long the pause would last.
Rubio and other senior administration officials said earlier on Tuesday that Iran could not be allowed to control traffic through the strait.
Iran has effectively sealed off the strait by threatening to deploy mines, drones, missiles, and fast-attack craft. The United States has countered by blockading Iranian ports and mounting escorted transits for commercial vessels.
The US military said on Monday it had destroyed several Iranian small boats, as well as cruise missiles and drones.
RUBIO SAYS MAIN OPERATION IS OVER
Rubio told reporters at the White House that the United States had achieved its objectives in its military campaign, which was launched on February 28 alongside Israel.
"Operation Epic Fury is concluded," Rubio said. "We're not cheering for an additional situation to occur."
One of Trump's central objectives in launching military strikes against Iran was to ensure Tehran does not develop a nuclear weapon, something Tehran has denied seeking. However, Iran has not handed over more than 900 pounds of highly enriched uranium.
US Defense Secretary Pete Hegseth said earlier on Tuesday that the US had successfully secured a path through the waterway and that hundreds of commercial ships were lining up to pass through. The four-week-old truce with Iran was not over, he added.
"Right now the ceasefire certainly holds, but we're going to be watching very, very closely," he said.
General Dan Caine, chairman of the US Joint Chiefs of Staff, said Iranian attacks against US forces fell "below the threshold of restarting major combat operations at this point".
Asked what Iran would need to do to violate the ceasefire, Trump said: "They know what not to do."
Shortly after Hegseth spoke, the UAE's defence ministry said its air defences were again dealing with missile and drone attacks coming from Iran, though Iran's joint military command denied carrying out attacks.
The UAE's foreign ministry said the attacks were a serious escalation and posed a direct threat to the country's security.
Iran's foreign ministry rejected the statements, saying its armed forces’ actions have been solely aimed at repelling American aggression.
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