US and Iran having 'very good discussions', Trump says
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- Trump announced his administration held "very good discussions" with Iran during all-day negotiations on Aug. 5, telling Fox News the Strait of Hormuz "is going to be open very soon" and warning Tehran would "get hit really hard" if it backs out.
- Iranian state media countered that a Strait of Hormuz agreement will be delayed "as long as the United States continues to threaten Iran," even as Iran's Foreign Ministry spokesperson Esmaeil Baghaei confirmed Oman-brokered talks on safe shipping lanes were "positive and continuing."
- Axios, citing two regional sources and a US official, reported the US and Iran are closing in on an interim agreement to reopen the strait with Oman's consent, with Washington targeting a Wednesday announcement.
- Qatar said mediators are making progress on ending the five-month conflict, and Trump held a phone call with Qatar's Emir Sheikh Tamim bin Hamad Al Thani about narrowing differences between Washington and Tehran.
- Oil prices fell and Asian stocks jumped on Wednesday after Wall Street hit record highs on hopes of restoring traffic through the strait, which normally carries roughly a fifth of global oil and LNG shipments.
- The UN's International Maritime Organization has recorded at least 17 seafarer deaths from 64 incidents in the Strait of Hormuz since the war began Feb. 28, while Iran has reported over 3,400 deaths and the US 18 military personnel killed.
Why it matters: Markets priced in a deal Wednesday after Trump declared talks 'very good,' but Iranian state media's public condition that an agreement depends on Washington ceasing threats undercuts the optimistic timeline. The strait carries about a fifth of global oil and LNG shipments, so even a delay risks fresh moves in crude prices and energy-exposed equities.
