US-Iran Enters New Chapter, Trump Cancels Largest Planned Attack Since WWII
President Donald Trump has announced that talks with Iran will begin on Monday, after he decided to cancel a planned new military strike against Tehran. The move has revived hopes for a diplomatic solution to a conflict that has been shaking global energy markets for months.
“What we are doing now is talking through the negotiation route. The talks start tomorrow afternoon,” Trump told reporters aboard Air Force One, without disclosing the location or the participants involved. He said the decision to cancel the attack was made following requests from Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Iran. Trump also mentioned that an agreement regarding the Strait of Hormuz and Iran’s nuclear programme was “almost reached”.
Just a day earlier, Trump had stated that the US was ready to launch a military operation, boasting it would be the largest attack since World War II against Iran. The Strait of Hormuz is a key focus of the discussions, as the strategic shipping lane normally handles about 20% of the world’s oil supply, but maritime traffic has declined sharply since the war broke out due to high security risks.
Optimism over the diplomatic path immediately pressured global oil prices. Brent crude fell 4.6% to around US$83.96 per barrel, while US crude (WTI) dropped about 4.7% to US$80.60 per barrel. Despite this, security risks in the region remain high. The United Kingdom Maritime Trade Operations (UKMTO) reported that a tanker experienced an explosion near the waters northeast of Khasab, Oman, at the entrance to the Strait of Hormuz. The crew was reported safe and local authorities are investigating the incident, with UKMTO advising all vessels transiting the area to exercise caution.
Mediation efforts are also ongoing. According to an Associated Press report citing regional officials, the latest proposal includes the return of the US and Iran to the negotiating table to resolve outstanding issues. The proposal also covers the reopening of the Strait of Hormuz and a halt to attacks in the region, including those by Iran-backed groups on Arab Gulf states and Jordan. In return, the US would reportedly end its naval blockade of Iran and allow Iranian oil exports to resume, though no final agreement has been reached yet.
Separately, Iran is reportedly close to reaching an agreement with Oman on new shipping traffic arrangements in the Strait of Hormuz. According to the Financial Times, these talks are in their final stages, with Iran indicating that the shipping routes to be used will differ from pre-war paths.