Iran stated that it is engaged in discussions with Oman aimed at establishing “an understanding” regarding temporary commercial shipping routes through the Strait of Hormuz. This statement followed US President Donald Trump’s announcement that negotiations to resolve the ongoing conflict would commence Monday, during which he indicated he had postponed “massive” military strikes to facilitate talks.
Trump did not identify the specific participants in the proposed negotiations. However, Iran explicitly denied engaging in talks with the US and indicated no intention to do so. Trump subsequently responded to Iran’s public denial by characterizing the Iranian leadership as “unbelievably duplicitous” on his Truth Social platform, while later insisting to reporters that negotiations were actively underway. Trump stated the discussions represented “the last chance for them to sign a good document.”
Prior to Iran’s denial, Trump said the fundamental framework of a potential agreement had been established, with reopening the Strait of Hormuz and nuclear matters as key components. Iran has repeatedly restricted access to the waterway since US and Israeli operations began in February. Trump noted that Saudi Arabia’s Crown Prince Mohammed Bin Salman and US partners including the United Arab Emirates and Qatar had urged him against conducting strikes, citing the potential for a diplomatic resolution.
Market reactions to Trump’s announcement included a decline in global oil prices Monday morning, with Brent Crude falling 4.5% to $83.98 and US-traded oil down 4.6% to $80.74. Vessel-tracking data indicated commercial shipping through the strait decreased approximately 28% between July 30 and August 2, with 51 crossings compared to 71 in the preceding four-day period. Around 20% of the world’s crude oil and liquefied natural gas typically flows through this critical chokepoint.
Previous diplomatic efforts, mostly mediated by third parties, collapsed last month following a ceasefire agreement established in April. Trump has repeatedly claimed imminent negotiated resolution while conflicts have resumed through reciprocal military operations. Public polling released by Reuters/Ipsos showed only one-third of Americans support the conflict, marking the lowest level of support since hostilities began, with respondents citing unclear or inconsistent objectives.
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