Global markets got a temporary reprieve as Donald Trump announced late on July 24 (local time) that he had cancelled the planned military strike on Iran scheduled for the next day, May 19.
Last-Minute Halt After Pleas From Three Gulf Allies
The decision came against the backdrop of escalating US-Iran tensions. In early 2026, the US and Israel launched the large-scale Operation Epic Fury, and Iran retaliated by blocking the strategic Strait of Hormuz, triggering a severe energy crisis. Just days earlier, Trump had issued an ultimatum — “the clock is ticking” — warning of grave consequences if Iran did not back down, and US forces were reportedly ready to execute a precision bombing plan.
Trump explained that the cancelation was driven by urgent requests from the leaders of Qatar, Saudi Arabia, and the United Arab Emirates (UAE). These Gulf allies assured him that “serious negotiations” to prevent Iran from acquiring nuclear weapons were underway and “very close” to an agreement.
US Maintains High Alert, Twitter Lights Up With ‘TACO Monday’
To reassure hawks, Trump stressed the move was a postponement, not a cancellation. US forces remain on high alert, ready to launch a massive attack if the talks collapse.
On X (formerly Twitter), the reaction was dominated by mockery and skepticism. Under a post from financial news aggregator @DeItaone, users flooded the thread with the term “TACO Monday” — an acronym for “Trump Always Chickens Out.” Many crypto and macro traders questioned whether the entire episode was a staged drama to manipulate oil prices and market sentiment.
Iran has not yet officially responded. The Strait of Hormuz remains under tight control. Crude oil prices fell about 3% on the news, while Bitcoin and other risk assets edged higher as the market absorbed the sudden geopolitical brake.