Investing.com -- Shares of major U.S. airlines traded higher Thursday after President Donald Trump called off planned military strikes against Iran.

American Airlines rose 6%, while Delta Air Lines gained 5.5%. United Airlines climbed 7%, JetBlue Airways increased 6.6%, and Southwest Airlines advanced 4.9%.

Trump reversed course on attacks he had promised against Iran, canceling strikes and bombings that were set for Thursday evening. The president stated that "discussions and final points" on a peace deal with Iran had been "approved by all parties involved."

Earlier Thursday, Trump had said the U.S. would hit Iran "very hard tonight" and would look to take control of Kharg Island, a key oil and gas infrastructure hub. He had also indicated other oil infrastructure sites would be targeted, with the U.S. planning to "assume total control of their Oil and Gas Markets."

"Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump said.

"Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others. The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly," the president added.