President Donald Trump announced on Thursday that he had canceled planned strikes against Iran because its leadership had reached an agreement, though specific terms were not disclosed.

President Trump had resumed air strikes against Iran this week following the downing of an Iranian Apache helicopter. The war with Iran had been in a state of nominal ceasefire for weeks, but actual exchanges of fire occurred between almost all belligerents.

"Based on the fact that discussions with the Islamic Republic of Iran have been made at the highest level and approved, I, as President of the United States, have canceled planned air and bombing strikes against Iran scheduled for this evening," he stated on Truth Social.

President Trump added, "The details of the discussions and the final agreement have been approved by all relevant parties, including the United States, Israel, Saudi Arabia, the United Arab Emirates, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt, from conceptual to detailed levels. Naval blockade measures will be fully maintained until the final conclusion of these negotiations. The date and location of the signing ceremony will be announced soon."

While the terms of the agreement are not yet clear, President Trump's mention of a "signing" suggests that the two governments may be finalizing a permanent agreement to end the war.

Speaking to reporters in the Oval Office earlier in the day, President Trump said that negotiators had achieved a breakthrough and that Vice President JD Vance would attend a signing ceremony, potentially in Europe as early as this weekend.

Following President Trump's sudden cancellation announcement just hours before the planned air strikes, major Wall Street indices continued their upward trend and surged on Thursday afternoon.

The Dow Jones Industrial Average rose 698.00 points (1.40%) to close at 50,617.83, reclaiming the 50,000 mark.

The S&P 500 closed up 77.92 points (1.07%) at 7,344.91, and the Nasdaq Composite gained 349.73 points (1.40%) to finish at 25,521.18.

According to Newsmax, at the New York Stock Exchange, advancers outnumbered decliners by a ratio of 2.62 to 1. The NYSE recorded 170 new highs and 113 new lows.

On the Nasdaq, 3,366 stocks rose and 1,358 stocks fell. The ratio of advancers to decliners was 2.48 to 1.

Senator John Hoeven (R-N.D.) told reporters after President Trump's cancellation remarks that while the administration's blockade and military pressure campaign had been effective in bringing Iran to the negotiating table, he emphasized that any agreement must be enforceable, Fox News reported.

"Consider who we are dealing with," Hoeven said. "We are dealing with Iran. They never keep their promises." He added, "You have the Revolutionary Guard, the Ayatollahs, and the parliament. Who exactly represents the country? It's a really difficult situation."

US NNP= Chief Reporter Hong Seong-gu / Special Contributor NNP info@newsandpost.com