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.

Trump has said multiple times in recent weeks that the warring parties have been on the cusp of a deal without anything coming to fruition.

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