Trump declares 'great settlement' with Iran hours after calling off fresh strikes
Trump said the U.S. had reached a "great settlement" to end the war with Iran and canceled threatened airstrikes, but Tehran called the deal "speculative" and unfinished as oil prices fell on hopes of de-escalation.
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A whipsaw from threats to a handshake
President Donald Trump told reporters in the Oval Office on Thursday that the United States had "made a great settlement of the war with Iran," abruptly canceling a wave of airstrikes he had threatened just hours earlier.bbc +1 The reversal came after a frenzied day in which Trump posted that the U.S. would hit Iran "VERY HARD TONIGHT" and seize "total control" of its oil and gas industries — only to declare a breakthrough by afternoon.apnews He said an agreement extending a fragile April ceasefire would be finalized "over the next few days," with a signing "maybe in Europe."bbc
Iran offered a far more cautious account. Foreign Ministry spokesperson Esmail Baghaei told state television that reports of a deal were "speculative" and that "nothing has been finalised," accusing Washington of "excessive demands" and "new requests."bbc He acknowledged the bulk of a memorandum's text was drafted but insisted Tehran would not "depart from its red lines."bbc
Two days of strikes pushed the region to the brink
The settlement claim followed two rounds of tit-for-tat attacks that nearly tipped the Middle East back into full-scale war. After Trump blamed Iran for downing a U.S. Apache helicopter near the Strait of Hormuz, U.S. Central Command struck military, surveillance and radar sites in southern Iran.bbc Iran's Revolutionary Guard retaliated against American bases in Bahrain, Kuwait and Jordan; an 11-year-old girl in Bahrain was injured by drone debris, and Jordan said it shot down about 20 missiles.bbc
Iran's joint military command also announced the closure of the Strait of Hormuz to oil tankers and commercial ships, warning that any vessel attempting passage would be fired on.reuters Trump said the strait would reopen "as soon as we have it signed."bbc The war, which began Feb. 28 when the U.S. and Israel jointly attacked Iran, has already drawn in regional shipping: U.S. forces have fired on nine merchant vessels enforcing a blockade, and India confirmed three of its sailors were killed in one such strike.bbc
Markets exhale as oil retreats
Energy traders read the announcement as de-escalation. U.S. crude futures fell 3.9% to $86.51 a barrel in extended trading, while Brent dropped 4.2% to $89.15.cnbc Rystad Energy said the market was better-positioned to absorb disruptions than in past crises, citing record U.S. exports and softer Chinese demand.cnbc
Still, the gaps are wide. Netanyahu's office said Israel "is not a party" to the emerging memorandum, and disputes over Iran's nuclear program, the strait and the war in Lebanon remain unresolved.bbc Trump himself voiced doubt about seizing Iran's main oil terminal: "I don't know that America has the stomach for it."apnews