BAHRAIN: A damaged building and vehicle are seen in the aftermath of Iranian drone attacks. — Reuters • Announcement comes in the wake of US calls off Iran attacks • Oil drops after Washington backs down • IRGC strikes Bahrain, Jordan, Kuwait after US bombs targets across Iran • Tehran says American attacks have rendered ceasefire ‘ practically ’ meaningless • Saudis call for Pakistan, Qatar-led efforts for renewed talks • Iran ‘ completely ’ closes Hormuz WASHINGTON / TEH­RAN: US President Donald Trump on Thursday said the United States and Iran could sign a peace settlement as soon as this weekend that would reopen shipping traffic through the Strait of Hormuz. The agreement, if finalised, would be the most significant diplomatic breakthrough yet to end the three-month-old war, which has killed thousands of people and sent global energy prices sharply higher. The report has prompted swift reactions from officials and advocacy groups alike.

Context

To put this in perspective, analysts point to a number of relevant factors.

Vice President JD Vance could sign for the United States, Trump added.

When appealed to if Iran ’ s Supreme Leader Ayatollah Mojtaba Khamenei has approved the deal, Trump said: “ I understand the answer is yes. ” Trump ’ s announcement came after he called off planned military strikes on Iran, citing progress in talks.

Notably, he called off planned strikes on Iran hours after threatening more bombings and a desire to “ take ” its oil export hub Kharg Island.

Global Analysis

Industry leaders, officials, and analysts have offered a range of perspectives.

Following the US attacked targets across Iran, the Iranian army responded with strikes on US targets in Bahrain, Jordan, and Kuwait.

In a detail that has not gone unnoticed, in a comments posted on Truth Social, President Trump said, “ 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. ” He said “ discussions and final points ” have been approved by the United States, Israel, Saudi Arabia, UAE, Qatar, Turkiye, Pakistan, Bahrain, Kuwait, Jordan, Egypt and others.

Alongside the primary story, overnight strikes In response to the US strikes, Iran ’ s Islamic Revolutionary Guard Corps ( IRGC) said it fired ballistic missiles at a US command centre in Jordan and attacked the US Fifth Fleet in Bahrain.

Impact

The impact of this situation is expected to be felt across multiple areas.

“ During two waves of operations, eighteen important targets belonging to the US Army in the bases of Ali and Ahmad Ahmad Air Force ( were hit), ” the Guards said in a statement quoted by state-run IRNA, adding that they also “ hit and destroyed Sheikh Isa air bases ”.

As the story continues to develop, the US military, meanwhile, confirmed that it targeted “ Iranian military surveillance capabilities, communication systems, and air defence sites across Iran ”.

Notably, “ US Marine Corps, Air Force, and Navy assets fired precision munitions on Iranian targets that posed a threat to US forces and international commercial ships transiting regional waters, ” Central Command posted on X.

Observers have also noted that following these strikes, the US president warned of more attacks.

Compounding the significance of these events, iran ’ s parliament speaker Bagher Ghalibaf, in an apparent warning to President Trump, stated, “ Wrong strategies and impulsive decisions will reset the entire board for the worse, explode energy infrastructure and markets and create an endless quagmire that you will be stuck in for years. ” “ You will see a different

The Outlook

What is clear is that this story is not yet over. The coming days and weeks will likely bring additional developments — and additional clarity — on a situation that has already captured significant national attention.