In an attempt to justify his calculated risk of authorising a destructive U.S. bombing on three Iranian nuclear sites over the weekend, President Donald Trump announced Monday that the “12 day war” between Israel and Iran would come to an end with a truce.

“It has been fully agreed by and between Israel and Iran that there will be a Complete and Total CEASEFIRE,” Trump posted on social media. There was no immediate word from either country on the ceasefire and terms of the announced deal were unclear.

With a picture of the president clutching a red hat and the words “Trump was right about everything” in all capital letters, the White House reproduced Trump’s announcement.

The globe and the region would both be happy to see a ceasefire. However, the Middle East situation is far from stable, and it was impossible to forecast the potential impact on longer-term trends. The bombing of Iran by the United States and Israel has undoubtedly hampered Iran’s ability to enrich nuclear material, but it may have also strengthened Tehran’s determination to develop a bomb.

Trump earlier Monday called on the U.S. and allied oil-producing nations to pump more oil and “KEEP OIL PRICES DOWN.”

Prior to Moscow’s 2022 invasion of Ukraine, the United States and its allies put pressure on Russia by threatening its oil industry. In response, numerous Western oil corporations withdrew from Ukraine, and the U.S. and Europe slapped sanctions on Russian industry.