Oil prices tumble as Iran conflict enters new phase with military pause and focus on diplomacy

After 13 straight days of U.S. strikes, the military campaign paused over the weekend

It's not clear why the U.S. temporarily stopped striking Iran. The lull comes as Oman says talks with Iran about reopening the Strait of Hormuz are making progress

Still, hundreds of vessels remain backed up in the critical shipping lane

U.S. Ambassador to the United Nations Mike Waltz told NBC News the president is giving diplomatic talks some space as discussions continue

What the president is doing right now, as we've seen all along, is giving some talks some space

Talks are ongoing. They're happening at every level, from the more technical aspect of it

all the way to the highest levels, of course, within both the Iranian government and the U.S. government

Iran's foreign ministry is pushing back, saying Tehran is not seeking talks with the United States

Meanwhile Yemen Iran Houthis attacked Saudi oil facilities along the Red Sea over the weekend And Iran is threatening retaliation after accusing Ukraine of targeting one of its ships in the Caspian Sea

Iranian officials say at least one person was killed. Ukraine says it targeted cargo vessels under international sanctions that were being used to transport military cargo between Iran and Russia

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