WASHINGTON, D.C. / RankWire.AI / – President Donald Trump announced that the United States would cancel its planned strike on Iran if negotiators could reach an agreement swiftly. Trump emphasized that the deal should reopen the Strait of Hormuz and address Iran’s nuclear program. He also mentioned that Israel supported the diplomatic effort. By Monday, the White House had not declared a signed deal. Details and a formal timetable were still unavailable.
Iran did not confirm Trump’s statement that Tehran had asked Washington to stop the planned attack. Iranian Foreign Minister Abbas Araqchi said negotiations with Oman on navigation routes were close to completion. Esmaeil Baghaei, a Foreign Ministry spokesperson, explained that these talks involved a new waterway route. He added that the discussions were separate from any decision to fully reopen Hormuz. Iran also kept its armed forces on alert.
This announcement came after a phone call between Trump and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia’s officials said the crown prince emphasized dialogue and reducing regional tensions during their conversation. Trump named Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio as participants. Washington did not release a final schedule for the negotiations. Saudi Arabia continues to support direct diplomatic talks between the US and Iran.
Discussions include nuclear and maritime disputes
The US and Israel started military actions against Iran on February 28. Washington said these targeted Iran’s missile systems and nuclear sites. A temporary ceasefire halted fighting through part of June. This agreement later fell apart, and hostilities resumed. Iran denies seeking a nuclear weapon but defends its right to civilian nuclear technology.
The Strait of Hormuz remains central to negotiations because it handles a large share of world energy shipments. Before the conflict, about 20% of global oil and LNG passed through the waterway. Iran’s restrictions have cut tanker traffic and raised shipping costs. Several recent security incidents near Oman have been reported. A projectile damaged one tanker’s engine room, but no casualties were reported during the weekend incidents.
Oil prices decline after diplomatic update
Oil prices dropped sharply on Monday following Trump’s statement that the planned U.S. attack would not happen if an agreement was reached. Brent crude fell by $4.49, or 5.1%, trading at $83.44 per barrel early in the day. U.S. West Texas Intermediate decreased by $4.90, or 5.8%, to $79.77. Both benchmarks had gained more than 20% during July. Additionally, OPEC+ approved an increase of approximately 188,000 barrels per day for September.
No final deal on nuclear, maritime, or security issues had been reached by early Monday. Trump linked the cancellation of the strike to the quick conclusion of an agreement. Iran kept talking with Oman while remaining militarily prepared. Israel stated it was closely coordinating security efforts with the United States. The talks focus on navigation through the Strait of Hormuz, Iran’s nuclear program, and ending the five-month conflict.