U.S. President Donald Trump said on Thursday that he had cancelled planned military strikes against Iran and claimed that Washington and Tehran were close to finalising an agreement aimed at ending months of conflict and restoring stability in the Gulf region. (Reuters)
Trump said the proposed agreement had received approval from the parties involved and that details of a signing ceremony would be announced shortly. Speaking at the White House, he described the development as a “great settlement” and said it could be formally signed in Europe within days, with Vice President JD Vance expected to represent the United States. (Reuters)
The U.S. president also said the Strait of Hormuz, a vital route for global energy supplies, would reopen once the agreement was signed. However, he added that a U.S.-led naval blockade would remain in place until the deal was finalised. (Reuters)
Trump’s comments marked a sharp shift from earlier in the day, when he warned that U.S. forces could launch fresh attacks on Iran. He later announced that the planned strikes had been called off due to progress in negotiations with Tehran. (Reuters)
Iran, however, signalled caution. Foreign ministry spokesperson Esmaeil Baqaei said Tehran had not yet reached a final decision on any agreement, indicating that negotiations remained ongoing. (The Guardian)
Financial markets reacted positively to the prospect of de-escalation. Oil prices fell sharply, with Brent crude dropping to near two-month lows as concerns over disruptions to Gulf energy supplies eased. Asian equity markets also advanced on expectations that tensions in the region could subside. (Reuters)
The latest developments come after months of hostilities between the United States and Iran, including recent exchanges of strikes despite a ceasefire announced in April. Efforts to convert the truce into a broader peace agreement have so far faced repeated setbacks. (Reuters)
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