Trump cancels planned strikes on Iran, says deal signing imminent
US President Donald Trump abruptly canceled planned military strikes against Iran on Thursday evening, saying final points of an initial peace deal had been approved by a broad coalition of regional powers and that the details of a signing ceremony would be announced shortly.
Strike reversal
President Donald Trump called off new U.S. military strikes on Iran on Thursday, announcing on his Truth Social network that the decision was taken after discussions with Tehran were "brought to the highest level of Iranian leadership and approved."
Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening.
The cancellation came just hours after Trump had threatened to strike Iran "VERY HARD TONIGHT" and seize "total control" of the country's oil and gas industries, including the Kharg Island export terminal.
Deal framework and skepticism
Trump said the "discussions and final points" of an initial peace deal had been approved, in both concept and detail, by a wide list of stakeholders: the United States, Israel, Saudi Arabia, the United Arab Emirates, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others. He added that a naval blockade would remain in effect until the deal was formally signed.
The Naval Blockade will remain in full force and effect until this Transaction is finalized -- Time and place of the signing to be announced shortly.
Iran's semi-official Fars news agency, however, reported that Tehran had not approved the text of any agreement. Since mid-March, Trump has repeatedly claimed a deal was close without anything being finalized.
Regional and energy implications
Iranian parliamentary speaker Mohammad Bagher Qalibaf warned that impulsive strategies would disrupt energy markets.
Wrong strategies and impulsive decisions will wreak havoc on energy markets and create an endless quagmire that you will be stuck in for years.
Iran's monthslong disruption of the Strait of Hormuz has already pushed up global fuel prices and made basics more expensive far beyond the region. The threatened seizure of Kharg Island, through which 90% of Iranian oil exports pass, underlined the economic stakes.
Pattern of escalation and reversal
The latest about-face recalls April 7, when Trump morning threats to annihilate Iran's "civilisation" were followed by an evening ceasefire extension. Over the past two days, limited back-and-forth strikes between the US and Iran had already raised fears of a return to full-scale war. Negotiations continue, but no formal ceasefire deal has yet been signed.
