US President Donald Trump on Thursday announced cancellation of scheduled strikes on Iran as discussions and points for ceasefire have been approved by Washington, Israel and other parties. However, he said that the naval blockade will remain in full force. The details of the signing of peace deal will be announced shortly."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 in a post on Truth Social.He announced that discussions and final points have been, "in both concept and great detail," approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.Trump further added that US military's naval blockade will remain in full force and effect "until this transaction is finalized."However, a confirmation from Iran and other partners is awaited.Also read: UAE and Iran conduct first face-to-face meeting to try deescalating Middle East tensionsTrump threatens strikes on IranThe peace deal announcement comes hours after Trump threatened Tehran saying US would hit Iran "very hard tonight". He further said that US will "assume total control” of Iran’s oil and gas industries, including the key Kharg Island, in the “not too distant future.”In another post on the social media platform, he said, "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."Washington and Tehran have been engaged in a war since February 28, with ceasefire being held at key discussions points including reopening of the Strait of Hormuz, Iranian nuclear programme, US sanctions and halt of Israeli strikes on Lebanon.