President Trump announced Thursday he has canceled further U.S. military strikes against Iran, declaring the conflict between the two nations is “over” after discussions reached the highest levels of Iranian leadership.
Trump made the announcement via Truth Social, stating that based on progress in negotiations with Iran, he had halted scheduled strikes and bombing operations set for Thursday evening. He said the U.S. Navy blockade of the Strait of Hormuz would remain in effect until a formal agreement is finalized, with signing ceremonies to take place in Switzerland.
What Trump Said
“They have agreed never to have a nuclear weapon, something that we insisted on; that was the whole purpose,” Trump said, describing Iran’s commitment as comprising roughly 95 percent of the agreement’s terms.
Trump confirmed he had discussed the potential deal with Israeli Prime Minister Benjamin Netanyahu and other regional leaders before making his announcement. Netanyahu’s office later released a statement confirming the call, noting that while Israel is not a direct participant in the negotiations, the prime minister welcomed Trump’s commitment to ensuring any final agreement would include substantial restrictions on Iran’s nuclear capabilities and address other destabilizing activities.
Market Reaction
Global financial markets responded positively to the announced de-escalation. European stocks climbed sharply, with the pan-European Stoxx 600 gaining 1.8%, while most major indexes posted gains around 2% in morning trading.
Energy markets also reflected reduced tension expectations. U.S. crude oil futures for July delivery fell 1.61%, while August Brent crude futures, the international benchmark, dropped 1.75% as traders assessed a lower risk of supply disruptions, according to CNBC.
Strategic Importance
The Strait of Hormuz remains a critical global energy chokepoint, with approximately 25 percent of the world’s seaborne oil shipments and roughly 20 percent of global liquefied natural gas exports transiting through the narrow waterway. Control of the strait has been a focal point throughout the conflict between the U.S. and Iran.
This story has been updated. CNN’s international team contributed to this report.
