Key facts
- President Trump canceled planned military strikes against Iran, citing high-level discussions and near-finalization of a deal.
- Oil prices dropped and stocks surged following the cancellation of planned strikes.
- Iran's Foreign Ministry stated no final decision has been made on the deal.
- Egypt welcomed the cancellation and urged negotiations for regional stability.
- President Trump claimed the conflict is over and Iran agreed not to pursue nuclear weapons.
- President Trump expressed dissatisfaction with Iran, casting doubt on a potential pact to reopen the Strait of Hormuz.
President Donald Trump announced the cancellation of planned military strikes against Iran, a significant reversal that occurred hours after he had vowed to strike the nation 'VERY HARD' and threatened to seize its oil infrastructure. US forces had reportedly conducted airstrikes for two consecutive days prior to Trump's announcement on social media that the attacks were off. He cited high-level discussions and the near-finalization of a deal, stating that deal documents are in near-final shape and could be signed soon. Trump also indicated that a potential US invasion of Kharg Island is off the table, with a detailed Memorandum of Understanding approved by Iran and other influential countries. However, Iran's Foreign Ministry has stated that no final decision has been made on the deal, pending internal conclusions. Mediators, including Pakistan, are reportedly offering an 'off-ramp' for de-escalation, citing economic and political pressures on both sides. The White House faced political and economic pressure to reach a deal, which could impact President Trump's popularity and US inflation. Analysts suggest that any agreement between the US and Iran could test President Trump's relationship with Israeli Prime Minister Netanyahu. Egypt welcomed the cancellation, viewing it with 'great satisfaction' and urging all parties to seize the opportunity for negotiations to foster regional stability and end the war. Trump has since expressed dissatisfaction with Iran, casting doubt on a potential pact that could reopen the Strait of Hormuz.