Get you up to speed: US pauses military operation as possible peace deal emerges with Iran

Strait of Hormuz reopening hope grows after Trump pauses Project Freedom | News World

Careful optimism is brewing that the troubled Strait of Hormuz could reopen (Picture: AFP/Getty Images)

Donald Trump has paused a military operation to free stranded ships off Iran as a possible peace deal emerges – giving millions of holidaymakers hope of a summer getaway after all.

The nine-week Middle East conflict has seen fuel prices soar because of Tehran’s chokehold on the Strait of Hormuz and led to airlines scrapping planned flights to cope with shortages.

Yesterday it was revealed seating capacity on planes has fallen by 2 million this month, with 13,005 flights cancelled around the world.

But the US president yesterday said his Project Freedom was being put on hold as a deal – said to based on a 14-page A4 document – was possible.

‘If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,’ Mr Trump posted.

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Mr Trump said previously in a post on Truth Social that the Strait of Hormuz would reopen ‘assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption.’

Oil prices plunged on news of a possible deal. Brent crude, the global benchmark, fell more than 10% to below $100 per barrel. Though still well above the average $70 before the conflict began, the fall helped US stock markets rise.

Only two merchant ships are known to have passed through the route protected by American ships and aircraft, and hundreds of merchant ships remain stranded.

But a shaky ceasefire had largely held, despite exchanges of fire, and the sinking of six small Iranian boats, as the operation in the strait began on Monday.

The carefully optimistic situation was put to test this evening after US fighter jet fired at an Iranian-flagged ship to stop it from reaching a blockaded port, the US Central Command said.

US secretary of state, Marco Rubio, has said the offensive stage of the war, Operation Epic Fury, is over.

Iran’s hard-line religious regime said the statements meant the US had ‘retreated’ but did not respond to suggestions a deal was close.

Mr Trump has argued the war – which began on February 28 with a missile attack that killed Iran’s leader Ayatollah Ali Khamenei, 86 – was to stop it building a nuclear bomb.

The proposed deal is said to involve Iran halting all uranium enrichment for 12 to 15 years, with extra years added if it violates terms. It would also have to agree to move stockpiles of its highly enriched uranium out of the country. It has claimed its stocks are for a nuclear power programme – not weapons.

Mr Trump has called his predecessor Barak Obama’s 2015 agreement with Iran the ‘worst deal ever’. But the new plan is said to echo it, with sanctions lifted and assets worth billions gradually released.

Iran’s foreign ministry spokesperson Esmail Baghaei later said the proposal to end the war is ‘still being considered’. But another official described the plan as more of a ‘wish-list than reality’.

Both sides hope China can bridge the gap between them, after the repeated breakdown so far of peace talks brokered by Pakistan.

Mr Trump is due to visit Beijing next week to meet president Xi Jinping. His country’s close economic and political ties to Tehran give it unique influence.

Iranian foreign minister Abbas Araghchi was there yesterday for his first visit since the US and Israel attacked.

China’s foreign minister Wang Yi said the conflict ‘has not only caused serious losses to the Iranian people, but also had a severe impact on regional and global peace’. He added: ‘China is deeply distressed by this. We believe a comprehensive ceasefire is urgently needed.’

But at a White House briefing Mr Rubio responded: ‘I hope the Chinese tell him (Araghchi) what he needs to be told… that what you are doing in the strait is causing you to be globally isolated. You’re the bad guy in this.’ Aviation analytics company Cirium revealed 120 flights from the UK have been axed so far this month as jet fuel prices soar.

Around 20% of global oil is shipped through the Strait of Hormuz, off Iran’s coast. Though the figure represents only 0.53% of all departures it has cut capacity by 7,972 seats. The final week of May is half-term at many schools, and a peak getaway period.

Transport secretary Heidi Alexander vowed summer holiday plans will not face major disruption as fuel for planes is being imported from the US.

But Paul Charles, founder of travel consultancy The PC Agency, said if the conflict continues ‘there will need to be many more cancellations as the jet fuel supply is squeezed’.

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