The United States and Iran have agreed to de-escalate hostilities and return to diplomatic negotiations after several days of escalating tit-for-tat actions.

The agreement comes after a Saturday incident where a Panama-flagged tanker was targeted by an Iranian drone in a key waterway. In response, the U.S. military conducted retaliatory strikes against Iranian military facilities in southern Iran, targeting surveillance, drone, and mine-laying capabilities.

Following the U.S. strikes, which Iran's Revolutionary Guards characterized as a cease-fire violation, Tehran announced a halt to all diplomatic processes. The IRGC navy also issued a warning that U.S. bases could expect severe repercussions.

President Donald Trump had previously issued a strong warning to Iran via social media on Saturday night, stating, “There may come a point when we are no longer able to be reasonable, and will be forced to militarily complete the job that we very successfully started. If that happens, the Islamic Republic of Iran will no longer exist!”

In the immediate aftermath of the U.S. strikes, Iran launched missiles and drones targeting U.S. military bases in Kuwait and Bahrain.