President Trump announced Thursday that he canceled scheduled U.S. military strikes against Iran and declared the conflict “over” after discussions with Iranian leadership.
Trump said Iran had agreed to never develop nuclear weapons, calling that commitment the primary objective of negotiations. He indicated that a formal agreement would be finalized in Switzerland with interested parties.
In a statement posted to Truth Social, Trump said, “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.”
Naval Blockade Continues
The U.S. Navy blockade of the Strait of Hormuz will remain in effect until a final agreement is signed, Trump stated. The waterway handles roughly 25% of the world’s seaborne oil shipments and about 20% of global liquefied natural gas exports, making it a critical energy chokepoint.
Trump said he discussed the potential agreement with Israeli Prime Minister Benjamin Netanyahu and other regional leaders before the announcement. Netanyahu’s office confirmed the call, stating that Israel welcomed Trump’s commitment to ensuring any final deal includes significant restrictions on Iran’s nuclear program.
Market Reaction
European stocks rallied sharply following the announcement, with the pan-European Stoxx 600 climbing 1.8% and most major indexes posting gains around 2% in morning trading. Energy markets responded to easing tensions as well.
U.S. crude oil futures for July delivery fell 1.61%, while August Brent crude futures dropped 1.75% as traders priced in reduced risk of supply disruptions. The decline reflected investor expectations that the agreement would ease Middle East tensions.
This story has been updated. CNN’s international affairs team contributed to this report.
