What is the context of revelation for this āyah?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. The Jews of Madinah and the Christians of Najran hoped that the Prophet ﷺ would pray facing their prayer direction (qibla). When he was instructed to turn towards the Kaʿba, they lost hope in him, and this verse was revealed. [Ibn ʿAbbās]
2. They called him to their religion, so this verse was revealed. [Muqātil]
3. They asked him for a truce and tried to give him hope that if he agreed, they would follow him. This verse was revealed in response. [Al-Zajjāj]