WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would abandon its planned attack on Iran if negotiators swiftly reached an agreement. He emphasized that the deal should reopen the Strait of Hormuz and address Iran’s nuclear activities, adding that Israel supported the efforts to finalize the arrangement. This declaration put an end to the preparations for another round of U.S. military strikes, although by Monday morning, officials had yet to release a signed agreement or detailed terms.
Tehran did not confirm Trump’s claim that Iran had requested Washington to halt the attack. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman regarding navigation routes had reached their final stage. Esmaeil Baghaei, a spokesperson for Iran’s Foreign Ministry, explained that these talks concentrated on establishing a new route through the waterway. He clarified that these discussions were separate from any decisions about fully opening or closing the Strait of Hormuz. Iran’s armed forces remained alert following the U.S. announcement.
Following a phone call with Saudi Crown Prince Mohammed bin Salman, Trump made his statement. During the conversation, Saudi Arabia’s crown prince urged for dialogue and a reduction in regional tensions. Earlier, Trump identified Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as key figures in the diplomatic efforts. The White House did not specify a timeline for concluding the negotiations. Meanwhile, Saudi Arabia continues to support the ongoing talks between Washington and Tehran.
Focus on nuclear and maritime security negotiations
The United States and Israel launched strikes against Iran on February 28, targeting Iranian missile capabilities and nuclear facilities, according to official statements. An interim agreement in June temporarily halted hostilities, but the deal eventually fell apart, leading to resumed military actions. Iran maintains that it has no intention of developing nuclear weapons and asserts its right to pursue civilian nuclear technology.
The Strait of Hormuz remains a pivotal concern because it transports a significant portion of the world’s energy supplies. Before the escalation, roughly 20% of global oil and liquefied natural gas moved through this route. Iran’s restrictions on traffic have slowed tanker operations and increased shipping expenses. Maritime authorities have reported multiple recent security incidents near Oman, including an attack damaging a tanker’s engine room, though no casualties were reported in the incidents over the weekend.
Oil prices decline amid pause in military action
Oil prices saw a significant drop on Monday after Trump announced the suspension of the planned U.S. attack. Brent crude decreased by $4.49, or 5.1%, settling at $83.44 per barrel in early trading. U.S. West Texas Intermediate fell by $4.90, or 5.8%, to $79.77 per barrel. Both benchmarks had experienced over a 20% increase in July as hostilities intensified near crucial shipping lanes. Additionally, OPEC+ approved a production boost of approximately 188,000 barrels per day for September.
By early Monday, no definitive nuclear, shipping, or security agreement had been reached. Trump canceled the planned strike on the condition that negotiators finalize a deal swiftly. Iran continued discussions with Oman and kept its military prepared. Israel reported maintaining close security cooperation with the United States. The negotiations cover issues such as access through the Strait of Hormuz, Iran’s nuclear program, and ending the five-month conflict.