US-Iran talks on Hormuz begin
Analysis based on 10 articles · First reported Aug 02, 2026 · Last updated Aug 03, 2026
Oil prices fell sharply on the announcement of new US-Iran negotiations, reflecting reduced risk of supply disruption. Continued uncertainty over the Strait of Hormuz and the potential for renewed conflict keep energy markets volatile.
US President Donald Trump announced that new negotiations with Iran will begin on Monday, after he decided to hold off on striking Iran to pursue a deal to end the war that started on February 28. The talks will cover the Strait of Hormuz and Iran's denuclearization. Iran said it is nearing a deal with Oman over a new route through the strait, where a tanker reported an explosion nearby. Oil prices fell on Monday, with West Texas Intermediate dropping 4.7% to $80.72 per barrel. Trump claimed he was asked by Iran, Saudi Arabia, the United Arab Emirates, and Qatar to hold off on strikes, which he said would have been the biggest attack since World War II. Iranian media denied that Tehran asked Trump not to strike. A previous ceasefire deal fell through, and Iran has tightened control over the waterway. Iranian officials, including President Masoud Pezeshkian and lawmakers, expressed willingness to negotiate, while mediators try to revive a June memorandum of understanding. The dispute over the strait's control sparked a return to strikes last month. Iran insists on retaining control and charging tolls, which the US rejects. A tanker off Oman reported an explosion, but the vessel and crew were safe.
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