Oil eases as Hormuz flows near pre-war levels; Trump signals restraint

The US has prepared a three-day strike plan against Iranian military and energy targets, deploying significant naval and ground forces to the Middle East. However, President Trump has publicly deferred any offensive military action against Iran until after the November midterm elections, despite ongoing Iranian attacks on tankers in the Strait of Hormuz. This creates a near-term de-escalation of direct conflict risk, but maintains high readiness for potential post-election action.