The War, Which Began in Late February When the US and Israel Attacked Iran, Had Effectively Closed the Vital Waterway

President Donald Trump said on August 2 that talks with Iran will take place on Monday, but he declined to set a deadline for an agreement, after calling off an imminent attack in hopes of quickly reopening the Strait of Hormuz and resolving the standoff over Tehran's nuclear program. Trump, speaking aboard Air Force One, said he scrapped plans for "the biggest attack since World War II" at the urging of Gulf allies Qatar, Saudi Arabia, and the UAE, as well as unnamed Iranian officials. He told reporters that Saudi Crown Prince Mohammed bin Salman preferred a deal over an attack, saying, "They said we would much prefer a deal as opposed to an attack, because you don't know where these attacks lead.

Earlier, on August 1, Trump posted on Truth Social that Iran and other Middle Eastern countries had sought time to complete a deal for the "Immediate, Complete and Total" reopening of the strait and "an end to Iran's nuclear threat, but that Tehran must "rapidly make a DEAL. Oil prices tumbled nearly 5% on Monday in Asian trade, with Brent crude for September delivery down 4.69% at $83.81 a barrel, as the prospect of talks eased supply concerns. The war, which began in late February when the US and Israel attacked Iran, had effectively closed the vital waterway.

Iranian media mocked Trump's decision, with Fars news agency saying, "Trump the fool has run out of steam! and Mehr rejecting claims that Tehran sought a pause, reporting that "Trump once again backed away from his hollow threats and presented his retreat to the world as a favor."