8 PM After-Hours Flash: Oil Falls Over 2% as Trump Pauses Iran Strike | Japan Q1 Growth Strong but Iran Shock Looms | Russia Pushes China Gas Pi

Oil prices are falling over 2 percent as President Trump holds off on a scheduled strike against Iran for talks easing immediate supply disruption fears. Brent and WTI futures both declined after the announcement which followed requests from key Middle Eastern leaders. Traders are watching for any genuine de-escalation Iran's response and tanker movements through the Strait of Hormuz with sanctions and strategic petroleum reserve activity also in focus. In the Asian market Japan's economy grew at a faster than expected pace in the first quarter but that momentum now faces a severe test as the full force of the energy shock from the Iran conflict filters through. In the Asian market Russia is aiming to unlock a gas pipeline project to China during talks with President Xi hoping the turmoil in energy markets will make Beijing more flexible on contract pricing. The U.S. dollar found support in early Asian trading after the decision to pause the Iran strike which helped stabilize bond markets. The dollar index held steady following a prior decline amid the Middle East tensions. Bitcoin is trading at 76,952 down 0.6 percent over the past 24 hours reflecting some risk-off flows from the geopolitical headlines while SPX sits at 7,403.05 up 0.07 percent on the session and the VIX eased 1.49 percent to 17.82. This de-escalation tone may support a firmer US open tomorrow but VIX traders will stay alert to any sudden shift in the Middle East. Russell's Morning Outlook is right around the corner — stay with VixShield. I am your VixShield news reporter.