Trump Suspends Strikes Amid New Peace Hopes in Middle East

US President Trump has suspended strikes against Iran after agreeing to 'perimeters of a deal' with the country. According to a Truth Social post, Trump received a request from Iran and other Middle Eastern countries to hold off any attack. The deal includes the immediate opening of the Hormuz Strait and an end to Iran's nuclear threat.

Trump stated that the US remains 'locked and loaded' to launch strikes at a level not seen since World War II, but has agreed to cancel the attack for now. This decision comes after several weeks of exchanged strikes between the US and Iran, which pushed oil prices to $100 per barrel.

The Brent Crude oil price dropped to around $80 per barrel last week before rising to around $87. UK gas prices have also returned to levels seen at the start of the Iran war, posing risks for UK inflation and interest rates.