President Donald Trump has suspended strikes on Iran for the second night in a row to provide more time for diplomatic efforts, the US ambassador to the UN stated.

During a Sunday interview with Fox News, ambassador Mike Waltz noted that the president is "allowing talks some breathing room and giving them a chance to develop."

An Iranian army spokesperson announced on Sunday that Tehran had stopped its "retaliatory" operations in the area. This pause comes after almost two weeks of daily US strikes and reciprocal actions that had begun to unravel the ceasefire reached in June.

Oil prices fell sharply following the pause, opening at $91 per barrel on Monday morning after reaching $100 for the first time since May the previous week.

When asked if Trump had ruled out further escalation for the time being, Waltz told NBC: "I would not go that far at all. The president is keeping every option available."

Waltz also dismissed reports from the New York Times indicating that administration officials had cautioned that expanding the conflict could severely deplete a reduced stockpile of air defense munitions.

"The US military has all the resources required to carry out this operation as effectively as needed," he said.

As of Sunday evening, Trump had not made any public statements on the recent events, though he had earlier shared computer-generated images on his Truth Social account showing US military planes striking Iranian ships and Kharg island.

Meanwhile, Iran and Oman conducted multiple rounds of technical discussions in Tehran on Friday and Saturday regarding management of the Strait of Hormuz, according to Iranian foreign ministry spokesman Esmail Baghaei.

Disagreements over control of the strait had reignited US-Iran tensions earlier this month and continue to pose a significant obstacle to achieving a permanent resolution to the war.

Iran and the US reached a memorandum of understanding in June to cease military operations, reopen the strait, and work toward an agreement to conclude the war within the following 60 days.

However, after Iranian forces targeted tankers in the Strait of Hormuz on 13 July, the US restarted airstrikes on the country and reimposed its naval blockade on Iranian ports.

Iran responded with strikes on US military sites and bases throughout the Middle East, resulting in the deaths of four American soldiers. The US strikes have since claimed dozens of lives, according to Iran's health ministry.

In the UK, new Defence Secretary Wes Streeting indicated he would meet his US counterpart Pete Hegseth in the coming week to address the strait, a critical global route for oil, liquid natural gas, and other vital goods.

"Regarding the protection of maritime freedom and unrestricted commercial shipping through the Strait of Hormuz, we are fully aligned," Streeting told the BBC.

Last week, oil prices reached $100 a barrel for the first time since May, as renewed fighting raised concerns about global energy supplies.

As the war approaches its fifth month, it continues to face widespread opposition in the US, with a recent CBS/YouGov poll showing 57% of Americans expressing frustration over the conflict and only 19% feeling optimistic.

Thousands of people have lost their lives across the Middle East since the US-Israeli war with Iran began in February, according to official figures, with the large majority from Iran and Lebanon.

President Trump is scheduled to meet Israeli Prime Minister Benjamin Netanyahu at the White House on Tuesday.