Trump cancels Iran strikes, citing progress on a deal that could ease sanctions and reopen the Strait of Hormuz within 30 days.
Oil prices fell after President Trump announced the cancellation of planned military strikes on Iran, citing progress toward a framework agreement. The White House indicated a deal could be signed this weekend, with key terms including a 60-day ceasefire, phased sanctions relief, and reopening the Strait of Hormuz within 30 days.
Reports suggested major gaps between negotiators had been resolved, though Iran’s Foreign Ministry dismissed claims of a finalized agreement. Tehran contradicted Trump’s assertion that the Strait of Hormuz is open, adding to uncertainty. Explosions near the Iranian coast further clouded the outlook.
Markets reacted to the mixed signals, with crude prices retreating from earlier gains as optimism over de-escalation competed with lingering doubts.