India, May 20 -- US President Donald Trump has suspended a planned military strike on Iran after Gulf leaders reportedly urged Washington to give diplomacy one final chance, dramatically reducing fears of a wider regional war that threatened to engulf the Middle East and destabilize global energy markets.

The move came after Saudi Arabia, Qatar and the United Arab Emirates privately pressed the White House to avoid another major escalation against Tehran, warning that an expanded war could devastate Gulf economies, threaten oil infrastructure and trigger a global economic shock.

Trump revealed that the United States had been "an hour away" from launching a new assault on Iranian targets before he ordered military planners to halt the o...