US President Donald Trump said on Thursday that he had cancelled planned military strikes against Iran, only hours after warning of a major escalation that included taking control of the country's oil industry.

It was the third time this week that back-and-forth strikes have rattled the Middle East.

US President Donald Trump said the naval blockade would remain “until this transaction is finalised”, with the time and place of the signing to be announced.

Trump cancels military strikes on Iran amid talks. Ceasefire by June 30 at 31.5% YES.