People familiar with the decision told the outlet that the pause coincided with the arrival of Omani officials in Tehran for negotiations aimed at reopening the Strait of Hormuz.

Here's what those sources are saying:

Trump's order to hold fire was given several hours after an Omani delegation arrived in Tehran Friday for talks on a new arrangement to reopen the Strait of Hormuz.
Two regional sources with knowledge of the negotiations said progress has been made in the talks and that an agreement between Oman and Iran could be reached over the weekend.
More color: 

Trump's decision reflects both his willingness to provide more space for diplomacy and a recognition that — short of a return to major combat operations — the current level of U.S. strikes has reached the limit of its effectiveness.
If Trump orders a return to strikes, the U.S. military can mobilize on relatively short notice.
The U.S. military is still preparing plans for a possible return to major combat operations, but Trump hasn't given orders to move in that direction, the sources said.
Why the Trump administration is likely finding the offramp (again) ... 

JPMorgan's head of Global Commodities Research and Strategy, Natasha Kaneva, told clients: "In the previous round of escalations, negotiations were initiated once US gasoline prices reached $4.20 and became materially more urgent as prices neared $4.50. Oil may be a global commodity, but political tolerance for high energy prices remains overwhelmingly domestic."

US Pauses Iran Bombing Campaign As Saudi-Houthi Red Sea Front Erupts 

Brent crude surged 27% over two weeks to settle at $96.78 a barrel on Friday, briefly breaching $100 this past week as traders priced in a higher war-risk premium into energy markets amid simultaneous chokepoint threats to the Strait of Hormuz and the southern Red Sea.

Meanwhile, the US appeared to pause its 13-day campaign of daily overnight strikes against Iran. While there was no indication that the operational halt would extend into next week, the pause certainly reinforces the diplomatic signals highlighted in our US-Iran wrap on Friday.

However, there was an escalation overnight with Saudi-led strikes on Iran-backed Houthi targets in Hodeida. This comes after the terror group attacked multiple Saudi-linked tankers in the southern Red Sea area.