India, July 27 -- The US and Iran appeared to take a step back from confrontation on Monday, offering the international community a brief respite after nearly 2 weeks of escalating military exchanges across the Middle East. Both sides refrained from launching fresh attacks, raising hopes that diplomatic efforts could regain momentum and prevent the war from intensifying further.

The pause also brought immediate relief to global financial markets, with oil prices falling sharply and investor confidence improving as fears over disruptions in the Strait of Hormuz eased.

Donald Trump Iran War News: Iran Pauses Retaliatory Strike as Trump Gives Talks More Time

Iran said it had suspended retaliatory attacks against US allies in West Asia aft...