President Donald Trump announced on Sunday that he has canceled planned military strikes against Iran. This decision came after Iran and other Middle Eastern nations reportedly requested a halt to the attacks, indicating that the parameters of a deal to end the five-month conflict have been established. Trump stated that he agreed to cancel the strike for the "future benefit of the WORLD" and the "survival of a successful and prosperous Iran," conditional on a deal being reached "rapidly."
Trump specified that the emerging agreement would include the "Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat." He also mentioned that Israel supports this commitment. Earlier reports on Friday from The Wall Street Journal, citing unnamed U.S. officials, suggested Trump had ordered military strikes that could begin over the weekend, but that these could be called off if diplomatic progress was made.
Saudi Arabia's Crown Prince Mohammed bin Salman had reportedly stressed the importance of dialogue and de-escalation in a phone call with Trump. Despite the pause, Trump reiterated that the U.S. remains "locked and loaded and ready to go" if necessary. Iran's Fars International state news agency, however, described Trump's demands as a "wish list," and Iran's acting Defense Minister, Seyyed Majid Ibn Al-Reza, stated that while recent statements are part of psychological warfare, all threats are taken seriously.
Oil markets reacted to the uncertainty, with West Texas Intermediate futures rising over 1% to close at $84.67 per barrel, and Brent crude, the international benchmark, also gaining more than 1% to settle at $90.12. This followed a more than 5% fall earlier in the week due to hopes of de-escalation. U.S. Embassies in the Middle East had warned American citizens of potential flight cancellations and advised caution amid heightened tensions.
