U.S. President Donald Trump has paused a two-week air campaign against Iran, extending a period of de-escalation to allow for diplomatic efforts, as an oil tanker reportedly exploded after striking a mine in the Strait of Hormuz.

The Pentagon suspended strikes late Friday, with no U.S. attacks reported over the weekend. A senior Iranian official stated that Iran would also halt its retaliatory attacks as long as the U.S. maintains its pause.

"He's giving talks some space, he's giving it a little bit of room," U.S. Ambassador to the United Nations Mike Waltz told Fox News on Sunday, explaining Trump's decision to pause strikes to allow more time for diplomacy. A senior official in the Trump administration reiterated the president's preference for diplomacy but noted that Iran has been shown the consequences of not engaging seriously.

However, a senior Iranian source, speaking anonymously, expressed skepticism about the pause, viewing it as tactical rather than a genuine shift in the U.S. negotiating position. "Iran has accumulated enough bitter experience with what it sees as U.S. deception," the source told Reuters.

The U.S. military campaign had been a nightly response to alleged Iranian attacks on shipping in the Strait of Hormuz. Iran, which seeks to maintain control over the strategic waterway, has stated its position is "attack for attack," but is prepared for a broad response if the U.S. resumes attacks. The recent U.S. actions had complicated an interim agreement aimed at ending the broader conflict that the U.S. and Israel launched in February.

Reports from The New York Times and CNN indicated that Trump had been considering more significant military options but backed off after advisers raised concerns, including the potential depletion of U.S. missile defense stocks in the region. Pentagon Chief of Staff Dan Caine was identified as raising these concerns, with CNN also reporting that Vice President JD Vance had expressed reservations.

Axios reported that Trump had been approving strike plans daily for two weeks until Friday, when he decided against proceeding with the latest proposal. The pause comes at a critical juncture in the conflict, following a ceasefire in April and the subsequent reopening of Hormuz in June.

In parallel, Iranian media reported that an oil tanker had exploded in the Strait of Hormuz after colliding with a naval mine. According to Iran's semi-official Tasnim news agency, the vessel was struck after deviating from a route designated by Iran in the strategic waterway.

Recently, Iran's Houthi allies in Yemen announced a blockade on Saudi oil in the Red Sea, impacting global energy prices. On Saturday, the Houthis reportedly fired on Saudi Red Sea oil targets for the first time in years, pushing the benchmark Brent crude price above $100 per barrel.