President Donald Trump said he has paused the effort to guide stranded commercial vessels from the Strait of Hormuz in order to finalise a deal with Iran to end the war. Trump also said the US blockade of Iranian ports would continue. He announced the decision in a social media post Tuesday evening. The White House did not immediately respond to a request for comment offering further detail.Secretary of State Marco Rubio said earlier that major US military operations against Iran are over. He said Iran must agree to US demands on its nuclear program and reopen the strait, a waterway vital to global oil and gas supplies.Rubio said recent clashes with Iran related to US efforts to reopen the Strait of Hormuz were "defensive in nature." US forces had launched an effort to guide commercial ships through the strait, but so far only two vessels are known to have passed through.Trump announced the decision in a social media post on Tuesday evening, saying he was pausing the effort for a short period to give space for US efforts to final a settlement with Iran to end the war.Trump said he was making the move based "on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran."He added that the US blockade of vessels leaving Iranian ports would remain in place."We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom ... will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump wrote on ⁠social media.Shortly after Trump's post, US crude oil futures fell $2.30 and broke below $100 per barrel, a much-watched threshold since the conflict sent energy prices soaring two months ago.The White House did not immediately reply to a request for comment on what progress had been made, or how long the pause would last.

Coinbase said on Tuesday it would cut about 700 jobs, or roughly 14% of its global workforce, as it trims costs amid crypto market volatility and repositions the business for the artificial‑intelligence era.The layoffs come as digital asset exchanges grapple with a slowdown in trading activity following a broader pullback in crypto markets from their October peak, reflecting more cautious investor sentiment.“With still subdued trading volumes and weak sentiment, we see the action as supportive of forward profitability,” Clear Street analyst Owen Lau said.Lau added that, beyond cost reductions, management appears to be reshaping teams around AI‑driven workflows, signaling a longer‑term push for higher productivity per employee.The company expects to complete the restructuring largely in the second quarter of 2026 and incur charges of about $50 million to $60 million, primarily related to severance and other employee benefits.Coinbase said additional costs could arise from unforeseen restructuring factors, with most charges expected in the second quarter.Cost cuts, AI focusLayoffs have been widespread across U.S. companies at the start of the year as businesses cut expenses, simplify operations, and adapt to the growing use of AI tools.CEO Brian Armstrong cited rapid advances in artificial intelligence, saying new tools are allowing non‑technical teams to ship code and automate tasks using smaller, more focused teams.Shares of Coinbase were down 1.6% in early morning trading.“The Coinbase job cuts reflect both the underperformance of its shares and the decline in crypto trading volumes,” said Coin Bureau co‑founder Nic Puckrin.Puckrin added that ongoing uncertainty around stablecoin yields under the Clarity Act has weighed heavily on sentiment, noting that stablecoins are a key part of Coinbase’s business.Coinbase remains well capitalized for long‑term growth, but current market conditions require it to streamline operations and emerge leaner ahead of the next crypto cycle, Armstrong said in a blog post.“April trading activity across digital asset exchanges has slowed,” Jefferies analyst Daniel T. Fannon said in a note, adding that the weak start had set the second quarter on a softer footing.Coinbase said affected employees will receive severance and transition support, including a minimum of 16 weeks of base pay for U.S. staff, an additional two weeks per year of service, continued equity vesting, and six months of healthcare coverage.Coinbase has previously implemented multiple rounds of job cuts during downturns in the crypto market, underscoring the sector’s sensitivity to trading activity and investor sentiment.