Trump warns Iran talks are ‘last chance’ to end war — oil prices rise as Tehran denies negotiations
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- Trump warned the latest Iran negotiations are the "last chance" to end the five-month conflict, telling reporters in the Oval Office on Monday that talks are underway at the request of Iran, Saudi Arabia, the UAE, and Qatar.
- Trump also called Iran's leaders "unbelievably duplicitous" in a Truth Social post and said he called off "massive attacks" on Iran to allow negotiations to proceed.
- Tehran denies direct negotiations are taking place — President Masoud Pezeshkian said Iran will defend its borders but does not seek expansion, while foreign ministry spokesperson Esmail Baghaei said Tehran is only engaged with Oman on the Strait of Hormuz.
- Oil prices rebounded on Tuesday after initially slumping on Trump's attack cancellation — WTI rose 1.29% to $81.38/barrel and Brent rose 1.73% to $85.23/barrel as of 1:35 a.m. ET.
- U.S. Central Command redirected 44 commercial vessels as part of its ongoing Strait of Hormuz blockade, having disabled two and boarded two, according to a Monday statement.
- Iraqi outlet Naya reported an explosion in Kuwait overnight audible in Basrah Province — a detail that sits uneasily beside Trump's claim of imminent diplomacy.
Why it matters: The gap between Trump's claims of "last chance" negotiations and Tehran's flat denial — paired with a 1.73% Brent rebound and CENTCOM's continued blockade activity (44 vessels redirected, two disabled) the same day — tells traders and allies that the diplomatic rhetoric and the military reality aren't aligned, raising the risk that "talks" function as a market-cooling exercise rather than a real off-ramp.
