WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would halt an imminent attack on Iran should negotiators swiftly come to an agreement. He emphasized that the deal needed to reopen the Strait of Hormuz and address Iran’s nuclear programs. Trump also mentioned that Israel backed the efforts to finalize the agreement. This statement put an end to the preparations for another round of U.S. military strikes. As of Monday morning, officials had not issued a signed agreement or specified detailed terms.
Tehran did not confirm Trump’s claim that Iran had requested Washington to cease the attack. Iranian Foreign Minister Abbas Araqchi said that negotiations with Oman regarding navigation routes were in their final stages. Esmaeil Baghaei, a Foreign Ministry spokesperson, stated that the discussions centered on establishing a new route through the waterway. He clarified that these talks were separate from any decisions about fully opening or closing the strait. Following the U.S. announcement, Iran’s armed forces remained on high alert.
Trump spoke following a phone conversation with Saudi Crown Prince Mohammed bin Salman. During the call, Saudi Arabia’s crown prince encouraged dialogue and reduction of regional tensions. Earlier, Trump 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 provide a timeline for the negotiations’ conclusion. Saudi Arabia continues to support discussions between Washington and Tehran.
Focus of Negotiations Includes Nuclear and Maritime Issues
The United States and Israel launched strikes against Iran on February 28. Washington claimed the operation targeted Iran’s missile capabilities and nuclear facilities. An interim agreement paused hostilities temporarily in June. However, the deal eventually fell apart, and military action resumed. Iran maintains it does not seek nuclear weapons and defends its right to develop civilian nuclear technology.
The Strait of Hormuz remains a critical concern as it transports a significant portion of the world’s energy supplies. Before the conflict escalated, about 20% of global oil and liquefied natural gas went through this route. Iran’s restrictions have slowed tanker traffic and increased shipping costs. Recent security incidents near Oman have been reported by maritime authorities. One projectile damaged a tanker’s engine room, but there were no casualties reported in the incidents over the weekend.
Oil Prices Drop Significantly Following Attack Suspension Announcement
Oil prices saw a sharp decline on Monday after Trump declared the suspension of the planned U.S. strike. Brent crude declined by $4.49, or 5.1%, to $83.44 per barrel during early trading. U.S. West Texas Intermediate fell by $4.90, or 5.8%, reaching $79.77 per barrel. Both benchmarks had surged over 20% in July amid increased fighting near key shipping routes. Additionally, OPEC+ approved an increase in production of roughly 188,000 barrels per day starting in September.
By early Monday, no final agreement had been reached regarding nuclear, shipping, or security issues. Trump canceled the planned strike on the condition that negotiators swiftly complete the deal. Meanwhile, Iran continued talks with Oman and maintained its military readiness. Israel indicated it was 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.