LIVE | Trump calls off attacks on the Iranian regime and hints at a possible deal in the works

(AFP) Oil prices plummeted, while stocks soared on Thursday after President Donald Trump called off military strikes against the Iranian regime and hinted at a possible peace deal.

Around 1:50 p.m., the two main oil futures contracts were down more than 3%, while major U.S. stock indices were rising sharply. The Dow Jones Industrial Average rose 1.7%, reaching 50,753.64 points.

(AFP) U.S. President Donald Trump announced on Thursday that he was calling off the attacks scheduled for that same day against the Iranian regime and hinted at a possible agreement with "the highest levels" in Tehran.

"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have... cancelled the scheduled strikes and bombings against Iran this evening," Trump wrote on his Truth Social network.

"Time and place of the signing to be announced shortly," he continued, listing among others the Gulf countries, Turkey, and Israel.

Donald Trump warned that the United States will strike Iran "very hard" on Thursday night, and stated that it will soon seize its main oil terminals.

"The United States will be hitting Iran (Whose Navy, Air Force, Radar, Anti Aircraft, and all other forms of Defense, together with most of its offensive capability, are GONE!), VERY HARD TONIGHT," the president said on Truth Social.

"At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America," he added.

The U.S. president later stated in an interview with Fox News that he "would prefer" not to attack Iranian civilian infrastructure, "because once you do that, people suffer."

U.S. Treasury Secretary Scott Bessent pledged on Thursday to use Iranian funds to pay for damages caused by Iran to its Gulf allies, and warned of the serious economic consequences that Tehran’s attacks would entail.

"Any damage [Iran] inflicts on our allies in the Gulf will be paid for with funds extracted from Iranian Account," Bessent wrote on X.

U.S. Central Command (CENTCOM) attacked and disabled another commercial oil tanker attempting to circumvent its blockade of Iranian ports, the third such incident this week. CENTCOM added that this was the ninth attack of its kind since the blockade began.

U.S. forces "acted against Guinea-Bissau flagged M/T Jalveer as it attempted to transport oil from Iran through the Gulf of Oman" CENTCOM reported.

"A U.S. aircraft fired two Hellfire missiles into the ship’s engine room after the crew repeatedly failed to comply with directions from U.S. forces."

The new Iranian authority responsible for overseeing the Strait of Hormuz insisted that transit through this waterway, which is key for the transport of hydrocarbons, remains completely closed until further notice, following the latest attacks by the United States.

"In light of the tensions created by the invading American forces in the region and the announcement by Iran's armed forces last night, the [Strait of Hormuz] will be closed until further notice," the Persian Gulf Strait Authority stated in a message on X.

The Kremlin and China urged the United States and Iran to resume peace talks and warned that further attacks in their conflict would be detrimental to the global economy.

“We call on all parties to this conflict to exercise restraint and return to the negotiating table,” Kremlin spokesperson Dmitry Peskov said when asked by AFP about the new attacks. He added that the escalation carries the risk of further "negative consequences for the situation in the region and the global economy."
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Chinese Foreign Ministry spokesperson Lin Jian noted that "China strongly urges the parties involved to immediately cease military operations, resume dialogue and negotiations, respond to the mediation efforts of the relevant countries, and reach a comprehensive and lasting ceasefire as soon as possible."

Oil prices rose again after the prospect of an early peace agreement in Iran faded. A barrel of North Sea Brent, the global benchmark, rose 1.7% to $94.68, while the U.S. WTI rose 2% to $91.84.

The ceasefire in effect between Iran and the United States since April 8 is now practically meaningless, Iranian diplomats stated on Thursday following another night of U.S. airstrikes.

"The illegal and criminal attacks carried out by the United States in recent hours not only constitute a flagrant violation of the United Nations Charter ... but also render the ceasefire practically irrelevant," the Foreign Ministry said in a statement.

In retaliation for the latest U.S. attacks, the Revolutionary Guard Corps claimed to have fired 12 ballistic missiles at the Al Azrak base in Jordan, used by the United States. In addition, they indicated that they launched drone attacks against the military bases of Ali al Salem and Ahmad al Jaber in Kuwait, as well as against an air facility in Bahrain.

Air raid sirens were activated in Bahrain, according to the Ministry of Interior. In Kuwait, the military announced that it was “engaging hostile aerial targets,” and the civil aviation authority closed the emirate’s airspace.