A surprise move by U.S. President Donald Trump regarding Iran resulted in sharp swings across global markets, with oil prices falling and Bitcoin moving higher. The move was seen as a significant shift from the administration's hardline rhetoric regarding the conflict. Trump announced that a newly launched naval operation, Project Freedom, would be temporarily halted due to "great progress" in talks with Iran. The operation was followed by requests from Pakistan, which has been acting as a mediator between Washington and Tehran. However, no official agreement has been announced regarding the preliminary framework for negotiations. The potential agreement could reopen the Strait of Hormuz, ease sanctions on Iran, and restart negotiations around Tehran's nuclear program.