Trump Cancels Iran Strikes, Says Deal Is Close

US President Donald Trump has called off planned military strikes against Iran, saying a peace agreement has been approved at the highest levels of Iranian leadership.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have cancelled the scheduled strikes and bombings against Iran this evening,” Trump posted on Truth Social Thursday night.

Trump said the “final points” of an agreement had been approved by all parties, listing more than a dozen countries including Israel, Saudi Arabia, Qatar, and Turkey. He added that a naval blockade would remain in place until a deal is formally signed, and that the “time and place of the signing” would be announced shortly.

The announcement came after a week of escalating tensions. Iran’s Revolutionary Guards had targeted US bases in the region on two consecutive days, while Trump earlier Thursday had threatened to strike Iran “very hard tonight” and even vowed to seize Kharg Island, which handles about 90% of Iran’s oil exports.

Qatari mediators played a key role in narrowing the gap between the two sides, with Iranian and Qatari officials meeting in Tehran this week to resolve sticking points around nuclear negotiations and financial relief for Iran.

Markets responded immediately. The Dow Jones jumped over 800 points, while oil prices dropped sharply, Brent crude falling nearly 4% to just below $90 per barrel.

However, Trump has signalled that a deal with Iran was close before, only for talks to fall apart. Iran’s military command also issued a stark warning Thursday, saying any future US attack would trigger a response “even more severe than before.”

Adding to the pressure, energy executives had privately warned the White House that US oil reserves are running critically low. Industry sources told CNN that July could be the breaking point, when fuel prices would likely spike further if the conflict continued.