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Trump calls off attacks against Iran: Update

  • Mercados: Crude oil, Freight, Natural gas
  • 11/06/26

Updates with Trump's cancellation of attacks

President Donald Trump on Thursday called off the threat of a massive military attack against Iran he announced just hours earlier, citing progress in negotiations with Iran on resolving a war that has lasted more than 100 days.

Trump this morning had threatened to launch a "VERY HARD" wave of military strikes tonight against Tehran, which he said would be followed up at some point by "taking" control of Iran's Kharg Island in the Mideast Gulf, along with "other oil infrastructure points." Five hours later, Trump said the planned attack would not go forward.

"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, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump wrote on Truth Social at 1:28pm ET.

Nymex WTI prompt month crude futures fell to $86.72/bl at 1:52pm ET, down from more than $90/bl immediately before the post.

Trump's latest military threat — and rapid reversal — followed two days of heavy clashes between the US and Iranian armed forces and of attacks on shipping in the Middle East. Trump said that the US would keep enforcing a naval blockade against Iran "until this Transaction is finalized — Time and place of the signing to be announced shortly."

The low intensity clashes between the US and Iranian forces that have been underway since late May escalated into an exchange of strikes on 10-11 June that are more reminiscent of the active phase of the war in March-April.

The US has pounded Iran's defensive and — according to Tehran — civilian infrastructure near the strait of Hormuz and across Iran. Iran's military has responded with attacks on US bases in Jordan, Kuwait and Bahrain. Both the US and Iranian navies have attacked commercial vessels in the Gulf of Oman and the strait of Hormuz, respectively.

Control of navigation through the critical Mideast Gulf waterway appears to be the cause of the latest flare up. Trump claimed on Wednesday that the US military had been running a clandestine operation to unblock Hormuz and that over 100mn bl and hundreds of vessels traveled the strait under the US military umbrella.

Iran, which also claimed to be directing limited traffic through the strait, said on Thursday that the strait of Hormuz is "closed" following overnight US strikes on Iran.


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