WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would suspend an impending strike on Iran if negotiators could secure a swift agreement. He emphasized that the proposed pact must include reopening the Strait of Hormuz and addressing Iran’s nuclear program. Trump also mentioned that Israel endorsed efforts to finalize the deal. This statement brought an end to the preparations for another round of U.S. military strikes. As of Monday morning, officials had not disclosed any signed agreement or detailed terms.
Iran did not confirm Trump’s claim that Tehran had requested Washington to halt the attack. Iranian Foreign Minister Abbas Araqchi stated that negotiations with Oman over navigation routes had reached their final stages. Foreign Ministry spokesperson Esmaeil Baghaei indicated that the talks focused on establishing a new route through the waterway but did not involve decisions about fully opening or closing the strait. Meanwhile, Iran’s armed forces remained on alert following the U.S. announcement.
Trump’s remarks came after a phone conversation with Saudi Crown Prince Mohammed bin Salman. Saudi officials reported that during the call, the crown prince urged for dialogue and regional stability. Earlier, Trump named Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as key participants in the diplomatic effort. The White House has not provided a timeline for reaching an agreement. Support for negotiations between Washington and Tehran continues from Saudi Arabia.
Negotiations center on nuclear and maritime issues
On February 28, the US and Israel launched strikes against Iran. Washington stated the operation targeted Iranian missile capabilities and nuclear sites. An interim deal in June temporarily halted hostilities, but the arrangement later fell apart, leading to resumed military activity. Iran maintains that it does not seek nuclear weapons, asserting its right to develop civilian nuclear technology.
The Strait of Hormuz remains a critical concern, as it handles a significant portion of global energy shipments. Prior to the conflict escalation, around 20% of worldwide oil and liquefied natural gas transited this route. Iran’s restrictions have slowed tanker traffic and increased shipping expenses. Recent security incidents near Oman have been reported by maritime authorities, including an attack that damaged a tanker’s engine room, though no casualties were reported over the weekend.
Oil prices decline following the halt of military threats
Oil prices saw a significant drop on Monday after Trump announced the cancellation of the planned U.S. strike. 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 risen over 20% in July amid rising tensions near vital shipping lanes. Additionally, OPEC+ approved a September increase of around 188,000 barrels per day in oil production.
By early Monday, no conclusive agreement had been reached regarding nuclear, shipping, or security issues. Trump’s decision to cancel the strike hinges on the quick conclusion of negotiations. Iran continues dialogue with Oman while maintaining military readiness. Israel reported ongoing close security coordination with the United States. The discussions include access through the Strait of Hormuz, Iran’s nuclear activities, and efforts to end the five-month conflict.