Trump Says Iran Deal Is Near as Oil Prices Drop, but Tehran Denies Final Approval

President Donald Trump says he canceled planned strikes on Iran after receiving signals that a deal to end the conflict was nearing completion. Reports say talks, mediated by Qatar, focused on a 60-day ceasefire, reopening the Strait of Hormuz, frozen Iranian funds, and Iran’s nuclear program. Oil prices fell sharply after the announcement, but Iranian media denied that any final agreement had been approved.

President Donald Trump said he canceled planned U.S. strikes on Iran after claiming that negotiations to end the conflict had reached the highest levels of Iran’s leadership.

Trump said the planned attack, which he described as strikes and bombing against Iran, had been called off after progress in talks involving the United States, Iran, Israel, Saudi Arabia, and the United Arab Emirates. He also said a signing ceremony could take place in Europe in the coming days, possibly this weekend, with Vice President JD Vance attending on behalf of the United States.

According to reports, Qatari mediation helped narrow the gaps between Washington and Tehran on three major issues: a 60-day ceasefire period, a mechanism for releasing frozen Iranian funds, and steps to reopen the Strait of Hormuz. The talks also reportedly include the future of Iran’s nuclear program.

Trump said the Strait of Hormuz would reopen once the agreement is signed, while adding that the maritime blockade would remain in force until the deal is finalized.

The announcement immediately shook global oil markets. Brent crude for August delivery fell to $90.38 per barrel, down 2.92%, while West Texas Intermediate for July delivery dropped to $87.71, down 2.58%. The decline reflected easing fears that a wider conflict with Iran could disrupt Middle East oil supplies.

But Iran pushed back quickly. Iranian state and semi-official outlets denied that any final agreement had been approved or signed. Fars News, citing a source close to Iran’s negotiating team, reported that no document for a preliminary memorandum of understanding with the United States had been approved.

The situation remains fluid. Trump is presenting the talks as a major diplomatic breakthrough, while Iran is publicly denying that a final deal exists. The key questions now are whether Iran’s top leadership signs off, what concessions are included, and whether the agreement limits Iran’s nuclear threat in a serious and enforceable way.

For Israel and America’s regional allies, the bottom line is clear: any deal with Tehran must not reward the regime while it continues backing terror networks across the Middle East.