WASHINGTON, D.C. / RankWire.AI / – President Donald Trump indicated that the United States plans to cancel an imminent attack on Iran if negotiators manage to reach a swift agreement. He emphasized that the proposed deal must include reopening the Strait of Hormuz and addressing Iran’s nuclear program. Trump also mentioned that Israel supports efforts to finalize the arrangement. This declaration brought to a halt the preparations for another round of U.S. military strikes. As of Monday morning, officials had not yet released a signed agreement or detailed the terms involved.
Iran did not confirm Trump’s assertion that Tehran had asked Washington to halt the attack. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman over navigation routes had reached their final stages. Esmaeil Baghaei, a spokesperson for the Foreign Ministry, explained that those discussions centered on a new route through the waterway and distinguished these talks from decisions regarding fully opening or closing the strait. Iran’s armed forces remained on alert following the U.S. announcement.
Following a phone call with Saudi Crown Prince Mohammed bin Salman, Trump made his remarks. Saudi Arabia reported that the crown prince had called for dialogue and reduced regional tensions during the conversation. Earlier, Trump had named Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as key participants in the diplomatic efforts. The White House did not specify a timeline for concluding negotiations. Saudi Arabia continues to support the ongoing discussions between Washington and Tehran.
Diplomatic negotiations center on nuclear and maritime concerns
Since February 28, the United States and Israel have launched strikes targeting Iran. Washington claimed these operations targeted Iranian missile capabilities and nuclear sites. A temporary agreement in June paused hostilities, but the deal eventually fell apart, and military activities resumed. Iran maintains it is not seeking nuclear weapons and defends its right to develop civilian nuclear technology.
The Strait of Hormuz remains a key issue because it transports a significant portion of the world’s energy supplies. Prior to the conflict, approximately 20% of global oil and liquefied natural gas shipments passed through this route. Iran has limited much of this traffic, which has caused slower tanker movements and increased shipping expenses. Maritime authorities have reported several recent security incidents off the coast of Oman, including one projectile that damaged a tanker’s engine room, though no casualties were reported during the incidents over the weekend.
Oil prices drop following the halt of military actions
Oil prices experienced a sharp decline on Monday after Trump announced the suspension of the planned U.S. attack. Brent crude decreased by $4.49, or 5.1%, settling at $83.44 per barrel during early trading. U.S. West Texas Intermediate fell by $4.90, or 5.8%, to $79.77 per barrel. Both benchmarks had surged over 20% in July amid escalating fighting near key shipping lanes. Meanwhile, OPEC+ approved a production increase of approximately 188,000 barrels per day starting in September.
As of early Monday, no finalized nuclear, shipping, or security agreement had been reached. Trump canceled the planned strike on the condition that negotiators swiftly finalize a deal. Iran continued discussions with Oman and maintained its military readiness. Israel stated it remains in close security coordination with the United States. These talks involve access through the Strait of Hormuz, Iran’s nuclear ambitions, and an end to the ongoing five-month conflict.