WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would call off a planned strike on Iran if negotiators swiftly reached an agreement. He emphasized that the deal under consideration needed to reopen the Strait of Hormuz and confront Iran’s nuclear activities. Trump also mentioned that Israel supported efforts to finalize the deal. His statement put an end to the preparations for another round of U.S. military strikes. As of Monday morning, officials had not released a signed agreement or detailed the terms of any deal.
Iran did not confirm Trump’s account that Tehran had requested Washington to halt the attack. Iranian Foreign Minister Abbas Araqchi indicated that negotiations with Oman over navigation routes had reached their final stages. The Foreign Ministry spokesperson Esmaeil Baghaei stated that these talks focused on establishing a new route through the waterway, distancing themselves from decisions about fully opening or closing the strait. Iran’s armed forces also remained alert following the U.S. announcement.
Trump’s remarks came after a telephone conversation with Saudi Crown Prince Mohammed bin Salman. During the call, Saudi Arabia’s crown prince encouraged dialogue and the reduction of regional tensions. Prior to this, Trump had named 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 finalizing the negotiations. Saudi Arabia has continued to support ongoing discussions between Washington and Tehran.
Diplomatic efforts center on nuclear and maritime issues
Strikes against Iran were initiated by the United States and Israel on February 28. Washington stated that the operation targeted Iran’s missile capabilities and nuclear sites. An interim agreement temporarily halted hostilities in June, but this ceasefire later broke down, and military actions resumed. Iran has maintained that it does not seek nuclear weapons, asserting its right to develop civilian nuclear technology.
The Strait of Hormuz continues to be a critical focal point because it handles a significant portion of global energy supplies. Before the escalation, approximately 20% of the world’s oil and liquefied natural gas passed through this route. Iran has imposed restrictions on much of the traffic, leading to slower tanker movements and increased shipping expenses. Maritime authorities have reported several security incidents near Oman, including one projectile that damaged a tanker’s engine room, though no casualties were reported during the weekend incidents.
Oil prices decline following strike suspension announcement
Oil prices dropped sharply on Monday after Trump revealed the cancellation of the planned U.S. attack. Brent crude fell by $4.49, or 5.1%, to $83.44 per barrel during early trading. U.S. West Texas Intermediate also declined by $4.90, or 5.8%, reaching $79.77 per barrel. Both benchmarks had surged over 20% in July amid intensified fighting near key shipping lanes. Additionally, OPEC+ approved an increase in September production by roughly 188,000 barrels per day.
By early Monday, no definitive nuclear, security, or shipping agreement had been finalized. Trump canceled the strike on the condition that negotiators finalize the deal swiftly. Iran continued dialogue with Oman while keeping its military forces ready. Israel reported maintaining close security coordination with the United States. Discussions include access through the Strait of Hormuz, Iran’s nuclear program, and ending the five-month-long conflict.