WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would cancel a planned strike on Iran if negotiators were able to reach an agreement swiftly. According to Trump, the deal must include reopening the Strait of Hormuz and addressing Iran’s nuclear program. He also noted that Israel supports the diplomatic efforts. As of Monday, the White House had not revealed a signed agreement, and specifics regarding the terms and a formal timeline remained unavailable.
Iran did not confirm Trump’s statement that Tehran had requested Washington to stop the impending strike. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman over navigation routes were nearing their final stages. Esmaeil Baghaei, a spokesperson for Iran’s Foreign Ministry, mentioned that discussions involved a new route through the waterway but remained separate from any decision to fully reopen Hormuz. Meanwhile, Iran has kept its armed forces on alert.
This announcement followed a phone conversation between Trump and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia reported that the crown prince emphasized the importance of dialogue and reducing regional tensions during their exchange. Trump identified Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as participants in the negotiations. Washington did not release a final timetable for the talks. Saudi Arabia continues to endorse direct diplomatic engagement between the United States and Iran.
Negotiations address nuclear issues and maritime disputes
Since February 28, the United States and Israel have conducted military strikes targeting Iran, claiming the operations aimed at missile capabilities and nuclear sites. A temporary ceasefire was established in June, but the agreement eventually unraveled, and military activity resumed. Iran denies seeking a nuclear weapon and asserts its right to civilian nuclear technology, while rejecting allegations of weapons development.
The Strait of Hormuz continues to be a central focus in negotiations because it facilitates a significant portion of the world’s energy shipments. Prior to conflicts, approximately 20% of global oil and liquefied natural gas transited through the channel. Iran’s restrictions have led to decreased tanker traffic and higher shipping costs. Recent security incidents near Oman include a projectile damaging a tanker’s engine room, although officials reported no casualties over the weekend.
Oil prices decline after announcement of halted attack
Oil prices dropped significantly on Monday following Trump’s statement that the planned U.S. attack would not go ahead under the proposed agreement. Brent crude decreased by $4.49, or 5.1%, and was trading at $83.44 per barrel in early trading. U.S. West Texas Intermediate fell by $4.90, or 5.8%, reaching $79.77. Both benchmarks had gained over 20% during July. Additionally, OPEC+ approved an increase of approximately 188,000 barrels daily for September.
As of early Monday, no final agreement had been reached concerning nuclear, maritime, or security issues. Trump linked the cancellation of the planned strike to the swift conclusion of an accord. Iran continues discussions with Oman while maintaining military alertness. Israel stated that it remains in close security coordination with the United States. The talks primarily focus on navigation through the Strait of Hormuz, Iran’s nuclear program, and ending the five-month conflict.