WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would call off an impending attack on Iran if negotiators swiftly reach an agreement. He emphasized that the deal must include reopening the Strait of Hormuz and addressing Iran’s nuclear program. Trump also noted that Israel supports efforts to finalize this deal. His statement brought an end to preparations for another U.S. military strike. As of Monday morning, officials had not released any signed agreement or detailed the terms involved.
In the days following, Iran did not confirm Trump’s claim that Tehran had asked Washington to cease the attack. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman over navigation routes had reached their final stages. Esmaeil Baghaei, a spokesperson for Iran’s Foreign Ministry, indicated those discussions were centered on establishing a new route through the waterway, explicitly distancing those talks from any decisions regarding the complete opening or closing of the strait. Meanwhile, Iran’s military forces remained on high alert following the U.S. announcement.
Earlier, Trump had a phone conversation with Saudi Crown Prince Mohammed bin Salman. During the call, Saudi Arabia reported that the crown prince urged for dialogue and reduction of regional tensions. In the lead-up, Trump named 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 the negotiations’ conclusion. Saudi Arabia has continued to back negotiations between Washington and Tehran.
Focus shifts to nuclear and maritime negotiations
On February 28, the United States and Israel launched strikes against Iran. Washington stated that these operations targeted Iranian missile capabilities and nuclear facilities. An interim agreement in June temporarily halted hostilities, but subsequent collapse of the deal led to resumed military action. Iran maintains it does not seek nuclear weapons and defends its right to develop civilian nuclear technology.
The Strait of Hormuz remains a critical issue, as it is responsible for a significant portion of global energy shipments. Prior to the escalation, roughly one-fifth of the world’s oil and liquefied natural gas transited this route. Iran’s restrictions have slowed tanker traffic and driven up shipping costs, while recent security incidents have been reported near Oman—one involving a projectile damaging a tanker’s engine room. Authorities confirmed no casualties in the weekend incidents.
Oil prices decline following attack delay
Oil prices experienced a sharp drop on Monday after Trump announced the suspension of the planned U.S. attack. Brent crude decreased by $4.49, or 5.1%, reaching $83.44 per barrel during early trading. U.S. West Texas Intermediate fell by $4.90, or 5.8%, to $79.77 per barrel. Both benchmarks had surged over 20% in July amid intensified fighting near key shipping channels. Additionally, OPEC+ approved an increase in oil production for September by approximately 188,000 barrels per day.
As of early Monday, no definitive agreement regarding nuclear issues, shipping, or security had been finalized. Trump canceled the planned strike on the condition that negotiators expedite the deal. Iran continued discussions with Oman while maintaining its military alert status. Israel stated it remains in close security coordination with the United States. The ongoing talks concern access through the Strait of Hormuz, Iran’s nuclear program, and the resolution of the five-month-long conflict.