President Donald Trump said that he canceled strikes on Iran scheduled for Tuesday at the request of Gulf states, as a ceasefire to the Iran War entered its 42nd day.

In a Monday Truth Social post, Trump said he had “been asked by the Emir of Qatar, Tamim bin Hamad Al Thani, the Crown Prince of Saudi Arabia, Mohammed bin Salman Al Saud, and the President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, to hold off” on an attack, adding that “serious negotiations are now taking place” with Iran.

Iran said Tuesday that it would open “new fronts” if the U.S. and Israel resume attacks.

Reuters reported that Iran’s conditions to end the conflict, per the latest proposal submitted this past weekend, have not changed. Iran seeks sanctions relief, the release of frozen funds, the exit of U.S. forces from areas close to Iran, an end to the U.S. naval blockade of the Strait of Hormuz, and an end to hostilities on all fronts, including Lebanon.

As Iran insists upon sanctions relief to end the war, the U.S. Treasury Department announced new sanctions against Iran’s currency exchange houses Tuesday under Secretary Scott Bessent’s “Operation Economic Fury” and its strategy of “maintaining maximum pressure on Iran.” 

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Lloyd’s List Intelligence vessel-tracking data posted on Tuesday morning showed at least 54 ships transited through the Strait of Hormuz between May 11 and 17, more than double the number of ship transits from the week prior.

Israel issued forced displacement orders to 12 towns in southern Lebanon on Tuesday as Lebanon’s Health Ministry said the death toll from Israeli airstrikes since March 2 had reached 3,042.

Brent Crude oil opened at $110 Tuesday morning, and gas prices remained elevated. AAA reported a national average price of $4.53 per gallon of regular gasoline.