President Donald Trump has canceled planned military strikes against Iran and is signaling that a deal to end the conflict could be imminent. The war, which began with US and Israeli strikes on February 28, 2026, has already cost American taxpayers more than $33 billion in its early phases alone.
Trump claimed on June 11, 2026, that a “great settlement” is near, going so far as to assert that the US has “ended the war.” Iran, for its part, has been considerably less enthusiastic about that characterization, declaring that no deal has been finalized.
What’s actually on the table
A potential agreement is reportedly close to being signed in Europe, with Vice President JD Vance potentially involved in the proceedings. The deal could re-open the Strait of Hormuz, the narrow waterway through which a massive share of the world’s oil supply flows daily.
The ongoing dialogues reportedly encompass ceasefires and adjustments to sanctions concerning Iran’s nuclear ambitions. Any agreement that loosens the sanctions regime around Iran’s nuclear program would face fierce opposition from hawks in Congress and from Israel, which participated in the initial strikes that kicked off the conflict.
