President Donald Trump announced Thursday that he has canceled further U.S. military strikes against Iran and declared the conflict between the two nations resolved.
Trump made the announcement during a campaign rally for Georgia Lt. Governor Burt Jones. The president stated that Iran had agreed to abandon its nuclear weapons program, describing that commitment as the core objective of negotiations.
What Happened
Trump said on Truth Social that he had “cancelled the scheduled strikes and bombings against Iran” after discussions reached the highest levels of Iranian leadership. He indicated that multiple regional partners, including Israel, Saudi Arabia, the United Arab Emirates, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt, had approved the framework of an agreement.
The president confirmed that a U.S. Navy blockade of the Strait of Hormuz would remain in place until a formal deal is finalized. Trump stated that signing ceremonies would take place in Switzerland, potentially as soon as Sunday ahead of the G7 summit.
International Response
Israeli Prime Minister Benjamin Netanyahu’s office confirmed that the prime minister had discussed the potential agreement with Trump. Netanyahu welcomed Trump’s commitment to ensuring any final deal would restrict Iran’s nuclear capabilities and address “other destabilizing activities” by the regime, according to a statement from his office.
Israel has not publicly released detailed comments on the draft memorandum of understanding reported by Iranian state media as of Friday.
Market Reaction
Financial markets responded positively to the diplomatic breakthrough. European stocks rallied sharply Friday, with the pan-European Stoxx 600 index climbing 1.8% and major indexes posting gains around 2% in morning trading.
Energy markets reflected reduced tensions over potential supply disruptions. U.S. crude oil futures for July delivery fell 1.61%, while August Brent crude futures dropped 1.75%, according to market reports.
Strategic Significance
The Strait of Hormuz serves as a critical global energy chokepoint, with approximately 25% of the world’s seaborne oil shipments and about 20% of global liquefied natural gas exports passing through the waterway. Control of the passage has remained a focal point throughout the conflict between the two nations.
This story has been updated. CNN’s team contributed to this report.
