What did President Trump say about Iran negotiations and the Strait of Hormuz, and how did Iran respond?

President Donald Trump stated his latest offer of talks is Tehran’s 'last chance' and that he expects a full reopening of the Strait of Hormuz, saying, 'We’re talking about the strait, the opening of the strait, having it open literally by tomorrow,' and adding, 'I want to give them every last chance before decapitation.' He did not clarify which negotiations or parties were involved. In response, Tehran denied it was talking with the US but said discussions with Oman to get more ships moving through the Strait of Hormuz are making progress, and Mohsen Rezaee, adviser to Iran’s Supreme Leader, stated on Iranian state TV that Washington must 'take the first step and change its behavior.'

How have recent geopolitical developments affected oil flows through key chokepoints like the Strait of Hormuz and Bab el-Mandeb, and what is the impact on Saudi crude exports?

Commodity shipments through the Strait of Hormuz — which carried about a fifth of the world’s crude oil and liquefied natural gas before the war — have slowed to a trickle, while the Saudi Red Sea port of Yanbu saw its busiest day since Houthi threats upended shipping, with more ships transiting 'dark' through the Bab el-Mandeb chokepoint. Meanwhile, Saudi Arabia’s observed crude exports edged lower in July to 4.19 million barrels a day — 460,000 barrels a day less than the previous month — as threats to vessel traffic in the Persian Gulf and Red Sea held back shipments, according to tanker-tracking data compiled by Bloomberg.

Oil Holds Decline With Focus on Iran Negotiations, Hormuz Flows

Aug 3, 2026

Oil prices stabilized after a weekly drop as President Trump urged Iran to reopen the Strait of Hormuz amid geopolitical tensions. Global crude supplies remain pressured by conflicts in the Middle East and Red Sea, impacting key export routes.

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