Iran Tensions Ease as Trump Calls Off Strikes and Cites Approved Deal
Iran tensions have shown signs of easing after US President Donald Trump announced he had cancelled planned military strikes on Iran following discussions that reached the highest levels of Iranian leadership and received approval from all parties involved.
Trump Cancels Planned Strikes
US President Donald Trump stated on Thursday that he had cancelled planned military strikes against Iran after negotiations with Tehran reached the highest levels of the Iranian leadership and received approval from all parties involved. [1] Trump wrote on his Truth Social platform that based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, he had as President of the United States of America cancelled the scheduled strikes and bombings against Iran this evening. [1] The announcement came after Trump described the talks as having reached the highest level of Iranian leadership and approved. [1] Multiple reports confirmed that Trump cancelled strikes against Iran planned for Thursday evening. [3] The decision followed hours in which Trump had issued new threats, yet the latest message on Truth Social explicitly called off the attacks scheduled for that evening. [4] Trump indicated that an agreement is approaching after discussions and final points were approved in principle and in great detail by all involved parties. [4] He further stated that time and place for signing the agreement will be announced on an ongoing basis. [5]
Background to the Crisis
The cancellation marked the latest development in a months-long crisis that has seen Washington impose a naval blockade on Iranian oil exports while repeatedly threatening military action against Tehran. [1] The US naval blockade on Iranian oil exports has remained in place amid the prolonged period of tensions. [4] The Strait of Hormuz has been largely closed since February following earlier US strikes on Iran. [4] Oil prices before those earlier attacks stood at around 70 dollars per barrel, compared with just under 90 dollars on Thursday evening. [4] Analysts have warned that even if an agreement is reached on reopening the strait, it could take a long time before ship traffic returns to normal. [4] The months-long crisis involved the naval blockade alongside repeated threats of military action. [1] Iran tensions persisted through this extended standoff that included the closure of the key waterway since February. [5]
Preceding Threats Against Iranian Oil Infrastructure
Hours before the cancellation, Trump threatened to seize Iran's Kharg Island, which handles much of its oil exports, and take total control over Iran's oil and gas markets similar to US actions in Venezuela. [4] Earlier on Thursday Trump warned that the United States would soon take the important Kharg Island and other oil infrastructure. [5] Trump also said the United States would take total control of Iran's oil and gas markets in a manner comparable to actions previously taken with Venezuela. [4] Iran's parliament speaker Mohammad Bagher Qalibaf warned that any US move against Iran's energy infrastructure would upend regional balances and disrupt global energy markets. [2] Iran responded with threats of extensive counterattacks that would spread the war to several areas in the Middle East. [5] These preceding threats came just hours before Trump announced the cancellation on Truth Social. [4]
Market Reactions to the Announcement
Oil prices fell sharply after the announcement, dropping from near 94 dollars per barrel to around 90.5 dollars. [4] Oil prices fell to around 90.5 dollars per barrel after having dipped below 90 dollars immediately following the message. [4] The price had been closer to 94 dollars beforehand. [4] Oil prices fell by more than four dollars per barrel after the announcement. [5] US stock markets rose following the statement. [5] The American exchanges shot upward after the announcement became public. [5]
Prospects for an Agreement
Trump has repeatedly said that an agreement with Iran is approaching. [4] In a brief telephone conversation with the New York Post on Thursday evening, Trump said an agreement is largely in the box. [4] Trump wrote that the naval blockade will remain fully in force and applicable until this transaction is finally completed. [4] The naval blockade on Iranian oil exports will remain fully in force until the transaction or agreement is finalized. [1] Trump claims that a deal is close or largely done, with time and place for signing to be announced. [5] The blockade remains until the agreement is signed. [5] Iran has not yet commented on Trump's statements regarding the agreement. [5]
What to watch next: Trump has indicated that time and place for signing the agreement will be announced on an ongoing basis while the naval blockade stays in place until finalization.
