Trump Cancels Iran Strikes as Peace Deal Nears Finalization

President Donald Trump cancelled scheduled military strikes and the potential seizure of the Kharg Island oil terminal on June 11, 2026, citing a breakthrough in negotiations to end a conflict that began on February 28. The decision followed a period of extreme escalation, including the downing of a U.S. Apache helicopter near Oman and reciprocal missile attacks by the Islamic Revolutionary Guard Corps on U.S. bases in Kuwait, Bahrain, and Jordan.

Trump announced a great settlement, described as the Islamabad Memorandum of Understanding, mediated by Pakistan and Qatar. The framework aims to reopen the Strait of Hormuz, extend a ceasefire, and initiate 60 days of negotiations regarding Iran's nuclear program. The deal requires Iran to forgo nuclear weapons and dismantle enrichment infrastructure in exchange for phased sanctions relief and the release of frozen assets. While Trump claimed the deal was approved by Iranian Supreme Leader Mojtaba Khamenei and regional allies, the Iranian Foreign Ministry and state media repeatedly disputed that a final text had been finalized, citing shifting U.S. demands.

Israeli Prime Minister Benjamin Netanyahu expressed appreciation for the nuclear restrictions but clarified that Israel is not a party to the memorandum. He warned that Israel would act independently if necessary to prevent Iran from acquiring nuclear weapons. Despite the diplomatic progress, the U.S. maintained a naval blockade of Iranian ports until the final signing, which may occur digitally or in Geneva, Switzerland. The news triggered a significant rally in global stock markets and a sharp decline in crude oil prices.