President Trump announced he is pausing the so-called Project Freedom operation in the Strait of Hormuz, saying there’s “great progress” toward a “complete and final agreement” with Iran. U.S. Secretary of State Marco Rubio said the offensive stage of the U.S.-Israeli war on Iran is over. Meanwhile, Iranian President Masoud Pezeshkian called U.S. demands “impossible,” saying Washington expects Iran to submit to unilateral conditions. Oil prices plunged earlier today amid reports that the U.S. and Iran could reach a deal soon. This comes after a day of intense fighting in the strait. According to the U.S. military, Iran launched cruise missiles, drones and small boats at U.S.-protected ships, and a South Korean-operated vessel caught fire. President Trump said the U.S. sank seven small Iranian boats, and denied any U.S. warship was struck. Meanwhile, Iranian Foreign Minister Abbas Araghchi held talks with Chinese Foreign Minister Wang Yi in Beijing today. Wang said China is ready to play “a greater role in restoring peace and tranquility to the Middle East.”