WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would cancel an impending attack on Iran if negotiators could reach an agreement swiftly. He emphasized that the deal should include reopening the Strait of Hormuz and addressing Iran’s nuclear program. Trump also mentioned that Israel supported the diplomatic efforts. As of Monday, the White House had yet to confirm a signed treaty, and detailed terms along with a formal timeline remained undisclosed.
Iran denied Trump’s assertion that Tehran had asked Washington to halt the planned strike. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman regarding navigation routes had reached their final stages. Esmaeil Baghaei, a spokesperson for Iran’s Foreign Ministry, indicated that these discussions involved a new route through the waterway but remained separate from any decision to fully reopen Hormuz. Iran also maintained its armed forces on high alert.
The announcement followed a phone call between Trump and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia’s official statement noted that the crown prince emphasized dialogue and the need to reduce regional tensions. Trump previously identified Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as participants in the negotiations. No definitive schedule for the talks has been issued by Washington. Meanwhile, Saudi Arabia continues to support direct diplomatic engagement between the United States and Iran.
Negotiations Address Nuclear and Maritime Disputes
On February 28, the United States and Israel launched military strikes against Iran. Washington explained that these operations targeted Iranian missile capabilities and nuclear sites. A temporary agreement halted hostilities for part of June, but the ceasefire ultimately fell apart, and military actions resumed. Iran denies it seeks nuclear weapons, instead asserting its right to civilian nuclear technology.
The Strait of Hormuz remains central to the ongoing negotiations because it facilitates a significant portion of global energy shipments. Prior to the conflict, roughly 20% of the world’s oil and liquefied natural gas transited through this route. Iranian restrictions have caused tanker traffic to decrease, raising transportation expenses. Recent security incidents near Oman have also been recorded, including a projectile damaging a tanker’s engine room, though no casualties were reported during weekend events, according to officials.
Market Prices Drop Following Announcement
Oil prices declined sharply on Monday after Trump indicated that the planned U.S. attack would not move forward if an agreement was reached. Brent crude fell by $4.49, or 5.1%, trading at $83.44 a barrel early in the day. U.S. West Texas Intermediate dropped $4.90, or 5.8%, to $79.77. Both benchmarks had seen gains of over 20% in July. Additionally, OPEC+ approved an increase of approximately 188,000 barrels per day for September.
By early Monday, no final nuclear, maritime, or security agreement had been established. Trump linked the cancellation of the attack to the swift conclusion of negotiations. Iran maintained its discussions with Oman and kept its military forces ready. Israel stated it remained in close security coordination with the United States. The negotiations focus on navigation through the Strait of Hormuz, Iran’s nuclear pursuits, and ending the five-month conflict.