President Donald Trump has suspended planned military strikes against Iran, citing progress toward a new peace agreement that he says has broad regional backing.
Trump announced the decision on Truth Social, stating that Iran and other Middle Eastern countries had “asked” the United States to hold off on any attack.
“We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to,” Trump wrote in the post.
The proposed agreement would, according to Trump, include the “Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.”
Trump confirmed that Israel is aligned with the decision, writing: “The Country of Israel joins me in this commitment.”
Despite suspending the strikes, Trump made clear the US remains “locked and loaded” to launch military action at a scale not seen since World War II if talks collapse.
The suspension is conditional, with Trump stating the cancellation is “subject to being able to rapidly make a DEAL” and that trading flows through the region would resume.
Iran’s leadership has not publicly commented on Trump’s claims, and reports suggested strikes could resume as soon as this weekend if negotiations stall.
White House political aides had reportedly pushed back against resuming strikes, and Saudi Crown Prince Mohammed Bin Salman also reportedly urged Trump to avoid restarting the conflict, according to Axios.
The ongoing conflict between the US and Iran has sent shockwaves through global energy markets, with oil prices at one point spiking to $100 per barrel amid the escalating strikes.
Brent Crude prices fell to around $80 per barrel last week before recovering to approximately $87, reflecting the volatile geopolitical backdrop weighing on markets.
UK gas prices have returned to levels seen at the start of the Iran conflict, raising fresh concerns about inflation and the trajectory of British interest rates.
The Bank of England has warned it may be forced to hike interest rates if oil prices remain elevated for a sustained period, with fears that inflation could spiral over the coming year.
Deutsche Bank’s Sanjay Raja said the Bank would need to weigh a number of price measures, including food prices, energy markets, and activity levels across manufacturing and services, to fully assess the risks facing the UK economy.