WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would cancel a scheduled strike on Iran if negotiators managed to finalize an agreement swiftly. He emphasized that the deal needs to reopen the Strait of Hormuz and address Iran’s nuclear program. Additionally, Trump mentioned that Israel supported the diplomatic effort. As of Monday, the White House had not disclosed a signed agreement. The detailed terms and formal timetable were also still unavailable.
Iran did not confirm Trump’s claim that Tehran had requested Washington to halt the planned attack. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman regarding navigation routes were in their final stages. Esmaeil Baghaei, a spokesperson for Iran’s Foreign Ministry, added that these talks were about establishing a new route through the waterway. He clarified that these discussions remained separate from any decision on fully reopening Hormuz. Iran also kept its armed forces on alert status.
The announcement came after a phone call between Trump and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia indicated that the crown prince emphasized the importance of dialogue and reducing regional tensions during their conversation. Trump had earlier identified Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as participants in the negotiations. Washington has not released an official schedule for the talks. Saudi Arabia continues to support direct diplomatic engagement between the United States and Iran.
Discussions focus on nuclear issues and maritime navigation
The United States and Israel initiated military actions against Iran on February 28, targeting missile capabilities and nuclear sites. Washington claimed the strikes aimed to weaken Iran’s missile programs and nuclear infrastructure. A temporary ceasefire was in place during part of June, but the agreement eventually fell apart, and hostilities resumed. Iran denies seeking nuclear weapons and maintains that its nuclear pursuits are for civilian purposes only.
The Strait of Hormuz remains central to the negotiations, as it is a vital route for global energy supplies. Before the conflict, around one-fifth of worldwide oil and liquefied natural gas shipments traveled through this strait. Iran’s restrictions have decreased tanker traffic and raised transportation costs. Recent security incidents near Oman include a projectile damaging a tanker’s engine room, with officials reporting no casualties over the weekend.
Crude oil prices decline following news of halted attack plans
Oil prices dropped significantly on Monday after Trump stated that the planned U.S. military strike would be halted if an agreement was reached. Brent crude decreased by $4.49, or 5.1%, and traded at $83.44 a barrel early in the day. U.S. West Texas Intermediate fell by $4.90, or 5.8%, to $79.77. Both benchmarks had risen by more than 20% during July. OPEC+ also approved an output increase of about 188,000 barrels per day for September.
As of early Monday, no final agreement on nuclear, maritime, or security issues had been reached. Trump linked the cancellation of the attack to the swift conclusion of negotiations. Meanwhile, Iran continued discussions with Oman while maintaining military alertness. Israel declared that it remains in close security coordination with the United States. The negotiations are centered on navigation through the Strait of Hormuz, Iran’s nuclear activities, and ending the five-month conflict.