Muscat: U.S. President Donald Trump has postponed the launch of new military strikes against Iran, in hopes of reaching a swift agreement. In a post on his Truth Social platform, Trump stated that Iran and "other countries in the Middle East" had requested a grace period to finalize an accord that would lead to the reopening of the strategic strait and bring an end to Iran's nuclear threat. "Israel stands with me in this commitment," Trump wrote. Israel has not yet issued any official public statement on the matter. According to Oman News Agency, earlier this week, Iran warned against any "reckless action" by the United States, declaring that it would respond decisively if U.S. forces carried out President Trump's threats of fresh attacks on Iranian targets. Oil prices have remained elevated since U.S. and Israeli forces commenced hostilities with airstrikes on Iran on 28 February. Benchmark Brent crude futures rose by 24 percent in July. Since the outset of the conflict, the risk of Iranian counterstrikes has severely disrupted most shipping traffic through the Strait of Hormuz-a critical artery for global energy supplies-triggering a shockwave that has reverberated across the world economy.