President Donald Trump announced Sunday, June 12, 2026, that the U.S. and Iran reached a peace agreement to end military operations [1, 2, 3].
The deal aims to prevent a return to all-out war and stabilize global energy markets by allowing oil to flow [1, 2, 3].
Trump shared the announcement via Truth Social, where he wrote, "let the oil flow!" [1, 4]. According to reports, the president had a phone call with the Iranian leader that lasted 28 minutes [1]. Trump said the deal could be signed as soon as this weekend [3].
Market reactions were immediate. Oil prices dropped Sunday following the announcement [2]. The agreement reportedly outlines cease-fire talks lasting 60 days [5].
However, the announcement has not been universally accepted. While the BBC reported that the two nations announced a deal to end military operations [1], France24 reported that Iran denied the claims and had not reached a decision on a deal [6].
Trump's announcement follows several weeks of reported false-starts in negotiations [4]. The U.S. administration has framed the agreement as a necessary step to ensure regional stability, and economic relief for drivers [2].
“"let the oil flow!"”
The discrepancy between the White House announcement and the denial from Iranian officials suggests a fragile diplomatic state. If the 60-day cease-fire is not formalized, the initial drop in oil prices may be temporary, as market volatility typically follows contradictions in high-stakes geopolitical negotiations.
