A temporary pause in hostilities between the U.S. and Iran appeared to hold Monday, though Tehran denied reports of a 10-day ceasefire and said it has no direct negotiations with Washington. Oil prices plunged more than 7% and stocks initially surged on the news.

President Donald Trump dismissed concerns about dwindling U.S. munitions stockpiles, telling reporters "we have plenty" and blaming former President Joe Biden for sending arms to Ukraine. Trump was set to meet Israeli Prime Minister Benjamin Netanyahu to discuss Iran strategy.

The hiatus began Friday after nearly two weeks of U.S. strikes retaliating for attacks on shipping in the Strait of Hormuz. Iran's Foreign Ministry spokesperson Esmail Baghaei said talks are only with Oman regarding the strait, which remains closed. Meanwhile, Saudi forces struck Houthi targets in Yemen and Ukraine hit an Iranian vessel in the Caspian Sea.

Experts warn the pause is fragile. Direct U.S.-Iran talks have not begun, and any lasting deal must address Iran's nuclear program, sanctions relief, proxy groups, and maritime security. Oman-mediated discussions were described as "useful," but Deutsche Bank analysts note simultaneous disruptions in Gulf and Red Sea routes persist.