President Trump said Tuesday he's suspending the new U.S. military operation in the Strait of Hormuz due to progress in the negotiations with Iran on an agreement to end the war. Why it matters: The operation to "guide" ships through the Strait of Hormuz, which was launched on Monday, led to an exchange of fire between the U.S. and Iran and to Iranian missile attacks on the United Arab Emirates for the first time since the ceasefire was announced a month ago. What he's saying: "Based on the request of Pakistan and other Countries...and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, 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 Truth Social. This is a breaking news story and will be updated.