President Donald Trump announced he had called off a planned military strike on Iran scheduled for the following day, following direct interventions by the Qatari Emir, Saudi Crown Prince, and UAE President, who asked him to hold off after informing him that serious peace negotiations were underway and that a deal acceptable to the United States was within reach.
Trump made the announcement on his Truth Social platform, saying he would instruct his military leadership to be prepared to launch a full large-scale assault on Iran at a moment’s notice if an acceptable deal was not reached. He said the proposed deal would include a prohibition on nuclear weapons for Iran, describing that as a non-negotiable condition.
Iran had said it conveyed an amended set of peace terms focused on ending the war and had not yet discussed nuclear matters. Tehran maintained that its demands centered on ending hostilities, lifting the US naval blockade, and releasing frozen Iranian assets. White House officials maintained that nothing had changed regarding Iran’s nuclear program and that Trump’s red line remained Iran’s complete and permanent renunciation of nuclear weapons ambitions.
Global financial markets reacted with volatility, with the S&P 500 ending slightly lower, the Dow Jones gaining modestly, and oil prices swinging sharply between a high of $112 and below $107 per barrel as traders attempted to price in the implications of a possible ceasefire for the Strait of Hormuz, which had been largely closed since the war began, blocking a waterway that previously carried one-fifth of the world’s oil supply.
