New Delhi, June 13 -- U.S. President Donald Trump said Thursday he had called off new military strikes on Iran, claiming a breakthrough in negotiations to end the war just hours after the American leader threatened to escalate the conflict by seizing control of Iran's oil industry.

Trump has said multiple times in recent weeks that the warring parties have been on the cusp of a deal without anything coming to fruition. A spokesperson for Iran's Foreign Ministry said in a live phone call on state television that mediators were active and nothing had been finalized to end the conflict that began Feb. 28 when the U.S. and Israel jointly attacked Iran.

Trump opened an Oval Office event Thursday afternoon saying: "We just made a great settle...