WASHINGTON, D.C. / RankWire.AI / – President Donald Trump indicated that the United States would halt a scheduled strike on Iran if negotiators swiftly reached an agreement. He emphasized that the deal must include reopening the Strait of Hormuz and addressing Iran’s nuclear program. Additionally, Trump noted that Israel backed the diplomatic efforts. As of Monday, the White House had not announced a formal agreement, and specific terms or a timeline remained undisclosed.
Iran disputed Trump’s statement that Tehran had requested Washington to cease the planned attack. Iranian Foreign Minister Abbas Araqchi said negotiations with Oman over navigation routes were nearing completion. Esmaeil Baghaei, spokesperson for Iran’s Foreign Ministry, explained that talks involved establishing a new route through the waterway, but these discussions were separate from any decisions to fully reopen Hormuz. Meanwhile, Iran kept its armed forces on alert.
This development followed a phone call between Trump and Saudi Crown Prince Mohammed bin Salman. Saudi Arabia’s official statement highlighted that the crown prince underscored the importance of dialogue and reducing regional tensions. The talks reportedly involved Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio, though no official schedule was released. Saudi Arabia continues to support direct diplomatic engagement between the United States and Iran.
Discussions center on nuclear and maritime issues
Since February 28, the United States and Israel have launched military operations targeting Iran, focusing on missile capabilities and nuclear facilities. A temporary ceasefire paused hostilities during June, but the agreement eventually fell apart, and military activity resumed. Iran denies allegations of seeking nuclear weapons, asserting its right to civilian nuclear technology while opposing these claims.
The Strait of Hormuz continues to be a central element in ongoing negotiations because it is a vital conduit for global energy shipments. Prior to recent conflicts, roughly 20% of the world’s oil and liquefied natural gas passed through this passage. Iran’s restrictions have decreased tanker traffic and raised transportation costs. Recently, maritime authorities recorded security incidents near Oman, including a projectile damaging a tanker’s engine room. Officials reported no casualties from these weekend events.
Crude oil prices decline following diplomatic announcement
Oil prices dropped notably on Monday after Trump declared that the planned U.S. attack would not move forward under the current agreement. Brent crude decreased by $4.49, or 5.1%, and was trading at $83.44 per barrel early in the day. U.S. West Texas Intermediate fell by $4.90, or 5.8%, to $79.77. Both benchmarks had seen gains of over 20% during July. Additionally, OPEC+ approved an increase of roughly 188,000 barrels per day for September.
By early Monday, no definitive nuclear, maritime, or security agreement had been reached. Trump linked the cancellation of the attack to the quick completion of a comprehensive deal. Iran continued discussions with Oman while maintaining military readiness. Israel stated it remained closely coordinated with the United States on security matters. The negotiations are primarily centered on navigation through the Strait of Hormuz, Iran’s nuclear activities, and resolving the five-month-long conflict.