Status of US-Iran talks uncertain as ship struck in Hormuz
Trump said talks with Iran have resumed as a cargo ship was struck near Hormuz, where traffic has slowed to a crawl, officials and shipping data showed.
- Oil prices rose on Tuesday as Middle Eastern supply risks persist, with Brent crude climbing $0.62 to $84.39 a barrel and West Texas Intermediate crude rising $0.61 to $80.95.
- Washington and Tehran remain deadlocked over the Strait of Hormuz; Washington claims a June memorandum required Iran to open the waterway, while Tehran argues the text explicitly preserved its authority.
- Reporting on Tuesday, the United Kingdom Maritime Trade Operations said a cargo vessel was hit by an unknown projectile 37 km northeast of Oman; crude exports averaged 4.2 million barrels daily.
- President Donald Trump claimed on Sunday talks are ongoing, but Iranian Foreign Ministry spokesman Esmail Baghaei denied any negotiations were taking place or scheduled.
- Analysts at KCM Trade warn the market remains fragile, stating oil could "rebound higher if missiles start flying again" or if tankers around the Strait come under fire.
219 Articles
219 Articles
Former UN ambassador: Iran ‘uncertain’ how to handle Trump
Former U.S. Ambassador to the United Nations Mark Wallace on Tuesday said Iran is “uncertain” on how to handle President Trump as both countries enter talks to potentially reach another interim peace deal. Wallace, who is also the CEO of the nonprofit group United Against Nuclear Iran, praised Trump’s military campaign against Iran in an…
Differences remain over US-Iran talks
An attack on a vessel near the Strait of Hormuz and a rebound in oil prices on Tuesday underscored doubts that the US-Iran conflict was nearing a resolution, as the two sides made opposing claims about whether they were holding talks.
Malay Mail
AlKhaleej TodayUS eyes Hormuz deal ‘today or tomorrow’ as ship sinks in Red Sea
DUBAI, Aug 5 — A top US official said yesterday that a deal with Iran to reopen the Strait of Hormuz could be struck “today or tomorrow”, sending oil prices tumbling on hopes of increased shipments through the vital waterway.US Treasury Secretary Scott Bessent told CNBC “there is a chance we may have a deal” in the coming hours, echoing President Donald Trump.Speaking from the White House on Monday, Trump kept up his familiar combination of opti…
Strait of Hormuz is becoming the World’s most dangerous economic flashpoint
The latest reported strike on a commercial cargo ship in the Strait of Hormuz is more than another wartime incident in an increasingly volatile Middle East. It is a reminder that one of the world’s most strategically important maritime corridors is rapidly becoming the central battlefield of a confrontation whose consequences extend far beyond Washington and Tehran. When commercial vessels are struck by unidentified projectiles, crews are evacua…
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