Trump calls off strikes on Iran, claims agreement could be signed this weekend in Europe

Key Points:

• US President Donald Trump called off planned strikes on Iran, announcing an imminent agreement to end the conflict that is expected to be signed within days, possibly in Europe over the weekend.
• Trump claimed broad regional approval for the deal, including from Iran’s top leadership and key Middle Eastern countries, but emphasized that the US blockade on Iran-linked shipping would remain until the agreement is finalized.
• Israeli officials were reportedly caught off guard by Trump’s announcement, with Israel stating it had not been informed of a finalized deal; Iran’s foreign ministry also denied any final decision had been made and stressed it would not compromise on key red lines.
• The emerging agreement reportedly includes a 60-day ceasefire extension, conceptual limits on Iran’s nuclear program, reopening of the Strait of Hormuz, and potential sanctions relief, though Trump acknowledged the deal is still subject to final approvals.
• Market reactions to the announcement were positive, with US stock indices rising and oil prices falling, reflecting hopes for reduced regional tensions and the reopening of critical oil shipping routes.