President Donald Trump announced on Saturday that he had canceled a planned U.S. military strike on Iran after, according to him, Iran and several Middle Eastern countries asked Washington to give diplomacy another chance instead of escalating the conflict. He said the United States remained "locked and loaded," but agreed to postpone the attack because what he described as the "perimeters of a deal" had been reached.
What Trump said
In a post on Truth Social, Trump wrote that:
"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."
He said the proposed agreement would include:
The immediate and complete reopening of the Strait of Hormuz.
An end to what he described as Iran's nuclear threat.
A pause in further U.S. and Israeli military action while negotiations continue.
Trump later told reporters aboard Air Force One that direct talks with Iran were expected to begin on Monday.
Why the strikes were canceled
According to U.S. officials and Trump's statements:
Gulf countries, including Saudi Arabia, Qatar, and the UAE, urged Washington to avoid another military strike.
Those governments feared a wider regional war.
They were also concerned that further fighting would threaten shipping through the Strait of Hormuz, through which roughly one-fifth of the world's oil supply passes.
Higher oil prices and disruption to global trade were major concerns.
Iran's response
Iran rejected Trump's account.
Iranian Foreign Ministry spokesman Esmail Baghaei said:
No direct negotiations with the United States are scheduled.
Iran did not ask the U.S. to postpone military action.
The only diplomatic discussions underway involve Oman and concern maritime issues around the Strait of Hormuz.
Iran insisted there are no formal peace talks with Washington at this time.
Market reaction
Financial markets responded immediately.
Brent crude oil fell about 7% as traders anticipated a lower risk of supply disruption.
U.S. crude prices also declined sharply.
European stock markets rose.
Airline and travel stocks gained, while energy company shares fell because lower oil prices reduce producer profits.
Current situation
The situation remains uncertain.
The United States says diplomacy is progressing and negotiations are imminent.
Iran says there are no direct talks and disputes Trump's description of events.
No peace agreement has been signed, and there is no independent confirmation that the "framework" Trump described has been accepted by Tehran.
