Trump Calls Off Iran Strikes
Analysis based on 70 articles · First reported Apr 20, 2026 · Last updated Jun 11, 2026
The cancellation of US strikes against Iran, coupled with reported progress in ceasefire talks, is likely to bring a positive sentiment to energy markets, potentially stabilizing oil and gas prices that were previously disrupted by Iran's stranglehold on the Strait of Hormuz. However, the continued naval blockade and threats of economic sanctions by the United States, as well as ongoing regional skirmishes, suggest that market volatility related to the Middle East will persist until a definitive agreement is reached.
US President Donald Trump announced the cancellation of further military strikes against Iran, citing progress in high-level ceasefire negotiations. This decision came hours after he threatened to hit Iran 'very hard' and seize its oil industry, including Iran — Kharg Island, Iran's main oil export terminal. The ongoing conflict has seen back-and-forth attacks between the United States and Iran, with Iran also firing missiles at Kuwait, Bahrain, and Jordan. The Strait of Hormuz remains a critical flashpoint, with Iran's control disrupting global energy supplies and driving up prices. US Treasury Secretary Scott Bessent stated that funds from frozen Iranian accounts would be used to offset damages and tolls. Despite the apparent breakthrough in talks, tensions persist over Iran's nuclear program and its demand for an end to fighting between Israel and Hezbollah. The US military continues to enforce a naval blockade, striking merchant vessels attempting to evade it, which has resulted in casualties, including three Indian sailors.
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