ERBIL, Kurdistan Region of Iraq - US President Donald Trump on Thursday said he cancelled “scheduled strikes” on Iran after the “highest level” of its leadership approved the final points of a peace proposal, adding that the time and place of the signing will be announced soon.

“Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening,” Trump wrote on Truth Social.

“The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly,” he added.

The final points were also approved by several countries, Trump said, including, “Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others.”

Iran and the US continued trading salvoes as the two sides continue failing to come to an agreement to end the war, giving rise to both sides trading strikes in recent days.

They had reached a ceasefire in April and have sent proposals to end the war back and forth with Tehran calling Washington’s demands excessive and Washington dubbing Tehran’s unacceptable.

Earlier in the day, Trump said the US will take control of Iran’s key Kharg Island and its other oil infrastructure to “assume total control of their Oil and Gas Markets” in the near future, while announcing more strikes later in the day.

Kharg Island is one of the most strategically important locations in Iran, serving as the country’s main hub for oil exports and a critical node in global energy markets.

“At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela,” Trump said.

“The United States will be hitting Iran…VERY HARD TONIGHT,” he added.

As a means in its war against the US and Israel, Iran has closed the Strait of Hormuz, a key waterway responsible for the passage of roughly 20 percent of the world’s oil, sharply driving up global oil prices.

The US in turn has also imposed a naval blockade on Iranian ports, which Trump says costs the country $500 million daily.

The development comes after the US launched fresh attacks against Iran early Thursday, prompting Tehran to retaliate and strike US bases in the region, which had previously reduced optimism regarding the possibility of a deal.