Latest Oil Market News and Analysis for Aug. 4

Oil was steady after its biggest drop in a week, as President Donald Trump said his latest offer of talks is Tehran’s “last chance” and that he expects a full reopening of the Strait of Hormuz.

By Nicholas Lua and Gabriel Levin

Iran in talks with Oman over shipping route but not US, says Tehran

Iran discussing creation of temporary route through strait of Hormuz with its neighbour, says spokesperson Middle East crisis live – latest updates Iran has been in discussion with Oman about the creation of a new temporary route through the strait of Hormuz that would allow commercial shipping to resume, but is not yet reviving talks with the US, Tehran’s foreign ministry spokesperson said on Monday. Esmail Baghaei was responding to claims by Donald Trump that talks between the two sides c...

By Patrick Wintour Diplomatic editor

Trump claims ‘last chance’ for Iran to strike deal in latest warning

US President Donald Trump on Monday said Iran was facing its “last chance” to reach an agreement with Washington to reopen the Strait of Hormuz and end the five-month-long war. “This is a last chance for them to sign a good document,” Trump said at the Oval Office in the White House. “I want to give them every last chance before decapitation.” He also claimed that negotiations with Tehran are “going on right now” despite Tehran’s insistence that no direct talks were under way. “We are talking...

By Nayan Seth

"Strait Of Hormuz Could Reopen By Tomorrow", Says Trump Amid Iran Talks

The US President further claimed Washington had been prepared to launch a major military operation against Iran before diplomatic interventions from regional countries.