WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would halt a planned assault on Iran if negotiators managed to finalize an agreement swiftly. Trump emphasized that the deal needed to include reopening the Strait of Hormuz and addressing Iran’s nuclear program. He also mentioned that Israel supported the diplomatic efforts. As of Monday, the White House had not disclosed any signed agreement, and specific terms or an official timetable were still unavailable.
In the days following, Iran denied Trump’s claim that Tehran had requested Washington to cease the planned strike. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman over navigation routes were nearing their final stage. Esmaeil Baghaei, spokesperson for Iran’s Foreign Ministry, explained that discussions concerned a new route through the waterway but remained separate from any decision to fully reopen Hormuz. Iran also kept its armed forces on alert during this period.
Earlier, the announcement came after a conversation between Trump and Saudi Crown Prince Mohammed bin Salman. During the call, Saudi Arabia’s crown prince emphasized dialogue and the reduction of regional tensions. Trump identified Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as participants in ongoing negotiations. However, Washington did not provide a concrete schedule for the talks. Meanwhile, Saudi Arabia has continued advocating for direct diplomatic engagement between the United States and Iran.
Discussions address nuclear issues and maritime conflicts
Since February 28, the United States and Israel have launched military operations targeting Iran. These strikes focused on Iranian missile capabilities and nuclear facilities. A temporary ceasefire was established during June, but it ultimately broke down, resuming hostilities. Iran maintains that it is not pursuing nuclear weapons and defends its right to civilian nuclear technology, rejecting claims otherwise.
The Strait of Hormuz remains a central topic in negotiations because it facilitates a significant portion of global energy shipments. Prior to escalating tensions, approximately 20% of the world’s oil and liquefied natural gas traversed this route. Iranian restrictions have diminished tanker traffic and driven up transportation costs. Additionally, recent security incidents near Oman have been documented, including a projectile damaging a tanker’s engine room, though officials reported no casualties over the weekend.
Oil prices decline following policy update
Oil prices dropped sharply on Monday after Trump declared that the planned U.S. attack would not proceed if the proposed deal was finalized. Brent crude decreased by $4.49, or 5.1%, trading at $83.44 per barrel in early markets. West Texas Intermediate declined by $4.90, or 5.8%, settling at $79.77. Both benchmarks had gained more than 20% during July. Additionally, OPEC+ approved an increase of roughly 188,000 barrels per day for September.
As of early Monday, no conclusive nuclear, maritime, or security agreement had been reached. Trump linked the cancellation of the planned strike to the swift conclusion of an agreement, while Iran continued negotiations with Oman and kept its military on alert. Israel stated it remained closely coordinated with the United States on security matters. The negotiations are centered on navigation through the Strait of Hormuz, Iran’s nuclear activities, and ending the ongoing five-month conflict.