Trump suspends strikes amid new peace hopes
President Trump has said the “perimeters of a deal” have been agreed with Iran, prompting him to call off strikes in the Middle East.
The US president said that Iran and Gulf region countries had “asked” the US to suspend strikes due to the workings of a new peace deal.
In a Truth Social post, Trump said trading flows would resume though the decision to hold off sending missiles was ““subject to being able to rapidly make a deal”.
Trump held that the US remained “locked and loaded” to launch strikes at a level not seen since World War II.
“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 wrote.
“This would include the Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran’s nuclear threat.
“Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL. The Country of Israel joins me in this commitment.”
The Iranian leadership did not comment on the claim. It was reported that attacks on Iran would resume as soon as this weekend while US officials told Americans in ten countries yesterday to be more cautious and consider departing the region.
Trump advised not to launch strikes
CBS reported that White House political aides had pushed back against the idea of strikes resuming. Prince Mohammed Bin Salman also reportedly asked Trump to back off restarting the Iran war, according to Axios.
The US and Iran have exchanged strikes over several weeks, at one point pushing oil prices to $100 per barrel. The Brent Crude oil price dropped to around $80 per barrel last week before inching back up to around $87.
UK gas prices are meanwhile back to levels seen around the start of the Iran war, posing risks for UK inflation and interest rates. The Bank of England warned it would hike interest rates if oil prices remained higher for longer amid fears that inflation could spiral in the next year.
Deutsche Bank’s Sanjay Raja said the Bank would have to weigh up a number of price measures to understand the risks facing the UK economy.
This could include food prices, energy markets and activity levels in manufacturing and services.