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.
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199 Articles
The Emiri Court of Qatar announced that US President Donald Trump discussed negotiations related to the Strait of Hormuz in a phone call with Sheikh Tamim bin Hamad Al Thani.
Rubio Signals Progress in Hormuz Talks as Carriers Ramp Up Red Sea Crossings
The Secretary of State said he hopes a deal to normalize traffic in the waterway will happen "very shortly," while more container ships continue returning to the Suez Canal despite lingering security risks.
US Secretary of State Marco Rubio said progress had been made in talks with Iran and Oman on allowing more ships to pass through the Strait of Hormuz, but a final agreement had not yet been reached. He stressed that the ultimate US goal was "the denuclearisation of Iran".
Qatar says mediators making progress in ending war between U.S., Iran
An attack on a vessel near the Strait of Hormuz and a rebound in oil prices on Tuesday underscored doubts that the U.S.-Iran war was nearing a resolution, as Tehran pushed back against President Donald Trump's assertion that talks were under way.
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