President Trump announced Thursday that he has canceled further U.S. military strikes on Iran and declared the conflict “over” after discussions with Iranian leadership reached the highest governmental levels.

Trump made the announcement via Truth Social, stating that based on progress in negotiations with Iran, he had halted scheduled bombing operations. The president indicated that a Naval blockade of the Strait of Hormuz would remain in effect until a formal agreement is finalized, with signing details to be announced soon.

What Trump Said

Trump emphasized that Iran had agreed to forgo nuclear weapons development, calling this commitment the core objective of negotiations. “They have agreed never to have a nuclear weapon, something that we insisted on; that was the whole purpose,” Trump said.

The president said he had discussed the potential agreement with Israeli Prime Minister Benjamin Netanyahu and other regional leaders before making his decision. Netanyahu’s office confirmed the call and said Israel, while not directly participating in talks, welcomed Trump’s commitment to ensuring any final deal includes strict nuclear restrictions on Iran.

Strategic Significance

The Strait of Hormuz remains critical to global energy markets, with roughly 25% of seaborne oil shipments and about 20% of liquefied natural gas exports flowing through the narrow waterway.

Financial markets responded positively to the announcement. European stocks rallied, with the pan-European Stoxx 600 climbing 1.8%, while U.S. crude oil futures for July delivery fell 1.61% and August Brent crude futures dropped 1.75% as traders assessed reduced supply disruption risks.

Next Steps

Trump indicated that interested parties would meet in Switzerland to finalize the agreement. The Naval blockade will continue throughout the negotiation and signing process.