WASHINGTON, D.C. / RankWire.AI / – President Donald Trump indicated that the United States would call off an attack on Iran if negotiators managed to reach an agreement swiftly. He emphasized that the proposed accord must include reopening the Strait of Hormuz and addressing Iran’s nuclear program. Trump also mentioned that Israel supported efforts to finalize the deal. His statement brought an end to preparations for another round of U.S. military strikes, although officials had not yet released a signed agreement or specific details by Monday morning.
Iran did not confirm Trump’s claim that Tehran had requested Washington to halt the attack, with Iranian Foreign Minister Abbas Araqchi stating that talks with Oman over navigation routes had entered their final stages. Esmaeil Baghaei, a spokesperson for Iran’s Foreign Ministry, explained that these discussions were focused on a new route through the waterway but distinguished from any decisions about fully opening or closing the strait. Meanwhile, Iran’s armed forces remained on alert following the U.S. announcement.
Following a telephone conversation with Saudi Crown Prince Mohammed bin Salman, Trump stated that the crown prince urged dialogue and the reduction of regional tensions during their discussion. Earlier, Trump had identified 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 these negotiations. Meanwhile, Saudi Arabia continues to support the ongoing talks between Washington and Tehran.
Diplomatic efforts center on nuclear and maritime concerns
The United States and Israel launched strikes against Iran on February 28, targeting Iranian missile systems and nuclear facilities, according to official sources. An interim agreement temporarily halted hostilities in June; however, this deal later fell apart, leading to resumed military actions. Iran maintains its position that it does not seek nuclear weapons and defends its right to develop civilian nuclear technology.
The Strait of Hormuz remains a crucial point of contention because it transports a significant portion of the world’s energy supplies—about one-fifth of global oil and liquefied natural gas before the conflict. Iran’s restrictions on traffic have slowed tanker movements and increased shipping expenses, with recent reports of security incidents near Oman. One projectile damaged a tanker’s engine room, but no casualties were reported in the incidents over the weekend, according to authorities.
Oil prices decline following the suspension of military actions
Oil prices saw a notable drop on Monday after Trump announced the cancellation of the planned U.S. attack. Brent crude decreased by $4.49, or 5.1%, settling at $83.44 per barrel in early trading, while U.S. West Texas Intermediate fell by $4.90, or 5.8%, to $79.77 per barrel. Both benchmarks had increased more than 20% in July amid rising tensions along key shipping routes. Additionally, OPEC+ approved an increase in production of approximately 188,000 barrels per day starting in September.
As of early Monday, no final agreement regarding nuclear issues, shipping arrangements, or security had been reached. Trump canceled the planned strike under the condition that negotiators finalize the deal swiftly. Iran continued discussions with Oman while maintaining its military readiness. Israel confirmed that it remains closely coordinated with the United States on security matters. The ongoing talks address access through the Strait of Hormuz, Iran’s nuclear activities, and aim to resolve the five-month-long conflict.