WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would cancel a planned strike on Iran if negotiators could reach a swift agreement. He emphasized that the deal should include reopening the Strait of Hormuz and addressing Iran’s nuclear activities. Trump also stated that Israel supported efforts to finalize the agreement. His declaration put an end to the preparations for another round of U.S. military action. By Monday morning, officials had not released a signed document or detailed terms of the deal.
Tehran did not confirm Trump’s claim that Iran had asked Washington to halt the attack. Iranian Foreign Minister Abbas Araqchi said that talks with Oman regarding navigation routes had entered their final phase. Esmaeil Baghaei, a Foreign Ministry spokesperson, explained that discussions were centered on establishing a new route through the waterway. He clarified that these negotiations were separate from any decisions about fully opening or closing the strait. Iran’s armed forces remain alert following the U.S. announcement.
The conversation came after a phone call between Trump and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia reported that the crown prince urged for dialogue and reducing regional tensions during their exchange. Trump previously named Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as key figures in the diplomatic efforts. The White House did not specify a timeline for concluding the negotiations. Saudi Arabia continues to back discussions between Washington and Tehran.
Diplomatic Talks Center on Nuclear and Maritime Concerns
US and Israel launched strikes against Iran on February 28, targeting missile capabilities and nuclear sites. An interim agreement halted hostilities temporarily in June, but the deal later unraveled, and military actions resumed. Iran maintains it does not seek nuclear weapons and defends its right to pursue civilian nuclear technology.
The Strait of Hormuz remains crucial due to its role in global energy transportation. Prior to the conflict, around 20% of worldwide oil and liquefied natural gas passed through this route. Iran’s restrictions have slowed tanker movements, increasing shipping costs, and recent security incidents near Oman have been reported by maritime authorities. One projectile damaged a tanker’s engine room, but no casualties were reported in the weekend incidents.
Oil Prices Drop Following Suspension of Attack
Oil prices plummeted on Monday after Trump announced that the planned U.S. attack was canceled. Brent crude fell $4.49, or 5.1%, to $83.44 a barrel in early trading. U.S. West Texas Intermediate declined by $4.90, or 5.8%, reaching $79.77 per barrel. Both benchmarks had surged over 20% in July amid escalating fighting near key shipping lanes. Additionally, OPEC+ approved an increase in September production of approximately 188,000 barrels per day.
As of early Monday, no definitive nuclear, shipping, or security agreement had been finalized. Trump left the strike on hold, contingent on the rapid conclusion of negotiations. Iran continues discussions with Oman and maintains military readiness. Israel stated it remains in close security coordination with the United States. The ongoing talks address access through the Strait of Hormuz, Iran’s nuclear program, and the resolution of the five-month conflict.