Srinagar, June 11 -- Srinagar - In a stunning about-face that left allies, rivals and oil markets scrambling, US President Donald Trump on Thursday abruptly called off planned new military strikes against Iran - just hours after threatening to hit the country "VERY HARD TONIGHT" and seize control of its vital oil industry.

The latest twist in the escalating US-Iran confrontation came after Trump spent much of the day warning Tehran that American forces were preparing for a new round of devastating attacks.

In a fiery social media post, Trump declared that the United States would soon "assume total control" of Iran's oil and gas sector, including the strategic Kharg Island export terminal, the beating heart of Iran's petroleum exports. H...