WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would halt its planned attack on Iran if negotiators could reach a quick agreement. The deal he mentioned needed to include reopening the Strait of Hormuz and addressing Iran’s nuclear program. Trump also stated that Israel was supportive of efforts to finalize the agreement. This statement put an end to ongoing preparations for another round of U.S. strikes, though officials had not released a signed deal or detailed terms by Monday morning.
Iran’s response to Trump’s claim that Tehran had asked Washington to prevent the attack was unconfirmed. Iranian Foreign Minister Abbas Araqchi indicated that negotiations with Oman over maritime routes were nearing their final stages. Esmaeil Baghaei, the Foreign Ministry spokesperson, clarified that these talks centered on establishing a new shipping route through the waterway, separate from discussions about fully opening or closing the strait. Meanwhile, Iran’s armed forces continued to remain on high alert following the U.S. announcement.
Following a phone conversation with Saudi Crown Prince Mohammed bin Salman, Trump spoke publicly about the situation. Saudi Arabia reported that during the call, the crown prince emphasized the importance of dialogue and reducing regional tensions. Earlier, Trump had named Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as key figures involved in diplomatic efforts. The White House did not specify a timeline for concluding negotiations. Despite the diplomatic efforts, Saudi Arabia continues to support talks between Washington and Tehran.
Negotiations concentrate on nuclear and maritime security issues
Since the start of hostilities on February 28, when the United States and Israel launched strikes against Iran, the focus has been on Iran’s missile capabilities and nuclear facilities. An interim deal in June briefly halted military actions but ultimately fell apart, leading to resumed hostilities. Iran maintains that it is not pursuing nuclear weapons and asserts its right to develop civilian nuclear technology.
The Strait of Hormuz remains a vital concern due to its role in global energy transportation, with roughly 20% of worldwide oil and liquefied natural gas passing through before conflict escalated. Iran’s restrictions have slowed tanker traffic and increased shipping costs, with recent security incidents reported near Oman. One projectile damaged a tanker’s engine room, though authorities confirmed no casualties in the incidents over the weekend.
Crude Oil Prices Drop Following Suspension of Military Plans
Oil prices sharply declined on Monday after Trump’s announcement that the planned U.S. attack was canceled. Brent crude decreased by $4.49, or 5.1%, settling at $83.44 per barrel during early trading. U.S. West Texas Intermediate also fell by $4.90, or 5.8%, reaching $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 approximately 188,000 barrels daily starting in September.
By early Monday, no conclusive agreement had been reached regarding nuclear, maritime, or security issues. Trump’s decision to call off the attack was contingent on negotiators reaching a deal promptly. Iran continued its discussions with Oman while maintaining its military readiness, and Israel confirmed ongoing close security cooperation with the United States. Negotiations focus on access through the Strait of Hormuz, Iran’s nuclear program, and ending the five-month-long conflict.