US President Donald Trump said Monday he is suspending planned strikes on Iran at the behest of Middle East allies who cited ongoing “serious negotiations” for a deal.

Oil prices dropped, capping a day of wild swings: Prices dipped earlier after reports that Washington had offered to temporarily lift sanctions on Iranian oil, then ticked back up after a US denial.

The administration did, however, issue a 30-day extension of a sanctions waiver on Russian oil already at sea, reflecting the pressure on Trump to contain rising fuel costs amid a global supply crunch. While a handful of non-Iranian tankers have managed to exit the Strait of Hormuz, Tehran announced a new body that would control the critical waterway.