President Donald Trump announced that the United States would defer an attack on Iran for two weeks in hopes of a deal being reached over the Strait of Hormuz. The news sparked a global rally in stocks and stock futures, with hopes that shipping through the strait would resume immediately. However, it was unclear if Iran would agree to this term. The Iranian government stated it still controls the Straitit but did not specify if ships would be attacked. The U.S. halted all offensive operations in the Persian Gulf region. The reprieve for crude oil in the Gulf could help alleviate global price pressures globally. There were suggestions that the threats were just another negotiating ploy.