A planned massive US strike on Iran was called off at the last minute, and an interim peace deal may be coming — good news for oil markets and anyone fearing a wider war.

• A huge attack on Iran, set for the weekend, was scrapped after Gulf countries pushed back hard.
• Saudi Arabia and other Gulf states feared that hitting Iran's oil facilities would trigger Iran to hit theirs, wrecking their oil output for years.
• Trump and Netanyahu now appear split — Netanyahu wants the war to continue, while Trump is backing off and floating a peace deal.
• The US is running low on defensive missiles, and commanders reportedly want to protect American troops over Israel.
• If Iran's oil sites were hit, it would spike oil and gas prices and hammer the wider economy — a big reason the strike was paused.

Outlook: An interim peace deal is claimed for early next week, but past reversals make it far from certain, and pressure to restart the strikes could return quickly.