Qatar and the US affirmed this Tuesday, August 4, that progress has been made in negotiation efforts between the United States and Iran. This information, which points to a possible reopening of the Strait of Hormuz, led to a new drop in oil prices. However, Tehran denies that talks are already underway, as Donald Trump claims.

First modification: 08/04/2026 - 23:44 Last modification: 08/04/2026 - 23:48

Benchmark Brent crude and Texas Intermediate (WTI) fell more than 5% on Tuesday, extending Monday's decline, amid hopes that an agreement between the US and Iran will soon be reached that would allow traffic to be restored through the strategic Strait of Hormuz.

According to the Emir of Qatar's office, President Donald Trump and Sheikh Tamim bin Hamad Al Thani, in a telephone conversation on Tuesday, discussed efforts to reduce differences between Washington and Tehran and improve prospects for a lasting solution.

According to the statement, the emir emphasized the importance of dialogue and compliance with the Memorandum of Understanding between the United States and Iran of mid-June, which provided for the immediate cessation of military operations.

Trump declared on Monday that talks with Tehran had begun and that Iran had a "last chance" to reach a deal. Meanwhile, Iranian officials insisted that no negotiations were taking place with the United States.

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Senior US officials also struck an optimistic tone; Both Treasury Secretary Scott Bessent and Secretary of State Marco Rubio noted progress in talks aimed at reopening the strait, a corridor that normally carries about a fifth of global oil and liquefied natural gas shipments.

"Progress has been made in those talks, but a definitive agreement has not yet been reached. We hope this will happen very soon," Rubio told reporters, while Bessent said an agreement with Iran for the reopening of the Strait of Hormuz could be reached on Tuesday or Wednesday.

Nevertheless,. He added that the route being negotiated aims to guarantee the sovereign rights and national security of both Iran and Oman.

Read alsoThe US hopes to reach an agreement on the Strait of Hormuz "very soon"

Trump's warning

The president of the United States, Donald Trump, assured on Monday, August 3, that negotiations with Iran are already underway and warned that this is the "last opportunity" that Tehran has to sign an agreement to end a war that has been going on for more than five months.

But the Iranian Foreign Ministry has publicly denied any contact with Washington.

"They are underway right now," however, the US president said on Monday. According to his statement, the dialogue was opened at the request of Iran and with the intervention of Saudi Arabia, the United Arab Emirates and Qatar, among other countries.

"This is the last chance for me to sign a good document," he insisted. And he added that, if that does not happen, there will be no more instances.

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Trump outlined a two-stage process that he estimated could begin in a day or two.

"The first phase is the opening of the strait. The second phase will be denuclearization, and that will take some time," he explained. On that last point he did not allow room for negotiation: Iran cannot have nuclear weapons.

Read alsoTrump announces talks with Iran as expectations for Hormuz rise

Tehran insists there are no negotiations underway

The Iranian spokesperson, Esmail Baghaei, declared that there are no ongoing negotiations with the United States or scheduled meetings and that his country does not plan to receive foreign delegations or send negotiators abroad in the coming days.

He specified that the entire negotiating team remains in Iranian territory, with the exception of Foreign Minister Abbas Araqchi, who is in Iraq carrying out a religious pilgrimage. The only open talks, he maintained, are with Oman and are limited to the management of transit through the Strait of Hormuz.

The contradiction irritated the US president, who had called the Iranian leaders "incredibly hypocritical" on his Truth Social network. There he maintained that Tehran requested the meeting, that the talks began and that more are scheduled for the immediate future, despite the fact that its officials deny it in public.

"Whether Iran wants to admit it or not, the truth is that we are talking," he later told reporters.

Hormuz, the world focus

The Strait of Hormuz remains the main focus of dispute. The United States maintains that the memorandum of understanding signed on June 17 — which sank in early July — obliged Iran to reopen that sea route, while Tehran argues that the text explicitly preserved its authority over the traffic.

If the Iranian interpretation is confirmed, the country would be left with more control over the step than before the war, a result that would be read as a setback for the White House.

Before the conflict, about a fifth of the world's oil and liquefied natural gas circulated through this corridor. Washington has so far failed to force its reopening, which has pushed up international crude oil prices and, with them, the value of gasoline in the United States, a politically sensitive issue just a few months before the legislative elections in November.

Read alsoThe effects of the war in Iran affect workers around the world

With EFE, Reuters and AP

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