File photo: President Donald Trump (AP Photo/Julia Demaree Nikhinson)

President Trump is indicating a peace deal with Iran could be imminent after he canceled planned military strikes set for tonight.

Speaking from the Oval Office on Thursday afternoon, Trump said an official signing ceremony could take place this weekend, maybe in Europe, involving Vice President JD Vance and Iranian officials.

The President says the Strait of Hormuz will open up after the deal is signed, even though U.S. Central Command insisted earlier today the strait has remained open to all commercial ships.

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