On Thursday, President Trump abruptly cancelled a massive planned military strike on Iran, claiming both nations have reached a breakthrough peace agreement.
Earlier that day, he had threatened to hit Iranian oil infrastructure "very hard" and seize Kharg Island, the country's primary export hub. While Trump insists Iranian leadership has approved the "great settlement," Tehran officials maintain that no final decision has been made and the ceasefire remains fragile. Gulf leaders and international mediators reportedly spent hours lobbying the White House to choose diplomacy over escalation to prevent a global energy crisis.
Markets are now watching for a formal signing of the memorandum of understanding, which could happen as early as this weekend in Europe.
.Here are the top political news stories for today.
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