WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would cancel an imminent attack on Iran if negotiators swiftly reached an agreement. He emphasized that the proposed deal needed to reopen the Strait of Hormuz and address Iran’s nuclear program. Trump also mentioned that Israel supported efforts to finalize the arrangement. His statement stopped the ongoing preparations for another U.S. military strike, though officials had not provided a signed agreement or detailed terms by Monday morning.
Iran did not verify Trump’s claim that Tehran had asked Washington to halt the attack. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman over navigation routes had entered their final phase. Esmaeil Baghaei, a Foreign Ministry spokesperson, explained that these discussions centered on a new route through the waterway, separating them from decisions about fully opening or closing the strait. Meanwhile, Iran’s armed forces remained on high alert following the U.S. announcement.
Following a phone call with Saudi Crown Prince Mohammed bin Salman, Trump indicated that the prince urged dialogue and reducing regional tensions. Earlier, Trump had named Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as participants in the diplomatic efforts. The White House did not specify a timeline for concluding negotiations, but Saudi Arabia continues to back talks between Washington and Tehran.
Negotiations center on nuclear and maritime issues
Since February 28, when the United States and Israel launched strikes against Iran, the operations targeted Iranian missile capabilities and nuclear facilities, according to officials. An interim agreement in June temporarily paused hostilities, but the deal later fell apart, leading to resumed military actions. Iran maintains it does not seek nuclear weapons and defends its right to develop civilian nuclear technology.
The Strait of Hormuz remains a focal point because it transmits a significant portion of the world’s energy supplies. Before the conflict, roughly 20% of global oil and liquefied natural gas was shipped through this route. Iran’s restrictions have slowed tanker movements and increased shipping costs, with recent security incidents near Oman reported by maritime authorities. One projectile damaged a tanker’s engine room, though no casualties were reported during the weekend incidents.
Oil prices decline amid attack suspension
Oil prices dropped significantly on Monday after Trump announced the halt of the planned U.S. attack. Brent crude fell $4.49, or 5.1%, to $83.44 per barrel during early trading, while U.S. West Texas Intermediate decreased $4.90, or 5.8%, to $79.77 per barrel. Both benchmarks had surged over 20% in July amid escalating fighting near critical shipping lanes. Additionally, OPEC+ approved a production increase of about 188,000 barrels daily starting in September.
By early Monday, no final agreement regarding nuclear issues, shipping, or security had been reached. Trump canceled the planned strike on the condition that negotiators swiftly finalize the deal. Iran maintained its discussions with Oman and kept its military on alert. Israel confirmed it remained in close security coordination with the United States. The negotiations address access through the Strait of Hormuz, Iran’s nuclear program, and aim to end the five-month conflict.