The decision came as Washington assessed the possibility of finalizing a peace agreement with Iran after what Trump described as productive discussions with representatives from Tehran.
“…the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, 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 finalized and signed,” Trump wrote in a May 6 Truth Social post.
The shift in tone also comes as tensions in the Middle East remain elevated, particularly after the UAE reported a second consecutive day of missile and drone attacks that it attributed to Iran-backed actors. Tehran has denied direct involvement.
Following the announcement, West Texas Intermediate crude oil prices slipped back below $100 per barrel, falling 3.7% over the past day, while Brent crude declined toward $106.
Bitcoin’s price action has also remained relatively subdued during the session as investors continued rotating toward traditional safe-haven assets amid broader macro uncertainty.
Gold climbed 2.6% on the day, while silver gained more than 4%. Meanwhile, Asian equity markets, including Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index, edged higher as easing geopolitical tensions provided some relief to investors.
On the macroeconomic front, the March 2026 JOLTS report came in stronger than expected, adding another layer of complexity for the Federal Reserve.
Although job openings declined slightly to 6.866 million, the figure still topped market forecasts, pointing to a resilient labor market that could support higher interest rates for longer.
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