Donald Trump Calls Off Iran Strikes, Announces Peace Deal to be Signed in Europe

US President Donald Trump said a deal to end the war with Iran is nearly complete and is expected to be signed over the weekend in Europe.

Trump called off military strikes on Iran just hours after threatening to take control of the nation's oil industry. The US president spoke to reporters at the Oval Office on Thursday afternoon to announce the sudden reversal.

On Thursday morning, Trump threatened to hit Iran "VERY HARD" and take over Kharg Island, Iran's oil export hub. However, a few hours later, he abruptly cancelled the attacks, saying there was substantial progress in peace negotiations.

Vice President J D Vance is expected to attend the formal signing ceremony in Europe as early as this weekend, according to PTI. The forthcoming agreement outlines significant shifts in nuclear commitments and regional diplomacy.

Nuclear Terms and Markets

Trump said that Iran has committed to permanently abandoning any effort to obtain a nuclear weapon. "They will not purchase, develop in any way, shape or form a nuclear weapon. They will not have a nuclear weapon," Trump said.

The president described the framework of the agreement as robust. "It's a very strong memorandum of understanding. That's a little conceptual, but it's something that's going to get done," Trump said. "It's a very detailed memorandum of understanding," he added.

The stock market "likes the deal," Trump said, adding that a signing would occur quickly. He also said that the Strait of Hormuz would reopen once the agreement is finalised.

When asked how Iran came around to the agreement, Trump highlighted the pressure the nation faced. "They've taken a pounding like very few people could take — and they want to make the deal a lot more than I do," Trump said.

Regional Diplomacy and Rally

Ahead of the announcement, Trump spoke to leaders of several Middle Eastern countries, including Qatar, the United Arab Emirates, Saudi Arabia, Bahrain, and Kuwait, as well as Pakistan, regarding the latest round of negotiations, PTI reported. 

Later, Trump addressed a tele-rally in favour of Georgia Lt. Gov. Burt Jones, who is running for governor, and declared that the US has ended the war with Iran. "I don't know if you heard, but we ended the war with Iran today (Thursday), and they have agreed never to have a nuclear weapon, something that we insisted on. That was the whole purpose," Trump said.

Trump's remarks about the peace deal came at an Oval Office event where he announced the restoration of commercial fishing in protected areas of the Pacific Ocean. Over the past few weeks, Trump has repeatedly said that the US and Iran were close to a deal, though a formal agreement remained elusive, the agency reported.