Live: Trump expects Iran negotiations today without timeline, aiming for Strait of Hormuz agreement

Crude oil valuations dropped by $4 per barrel on Monday, August 3, following US President Donald Trump's decision to pause a proposed strike on Iranian targets in an effort to swiftly negotiate a settlement to restrict Tehran's nuclear development and resume traffic through the Strait of Hormuz. By 2352 GMT, Brent crude benchmark contracts had fallen by $4.08, or 4.64 percent, reaching $83.85, whereas US West Texas Intermediate crude settled at $80.66 per barrel, reflecting a decline of $4.01 or 4.74 percent, according to Reuters.

Maritime tracking records released on Monday (August 3) indicated that a pair of vessels carrying crude from Saudi Arabia passed through the Bab el-Mandeb strait during the weekend. Concurrently, ship movements across the Strait of Hormuz recorded a deceleration after incidents targeting commercial craft were reported. Statistics provided by Kpler highlighted a drop in commercial traffic via Bab el-Mandeb, where ship counts decreased to 18 on Sunday, down from 27 on Saturday and 28 on Friday. This development follows the July 20 announcement by Iran-backed Houthi forces imposing a naval blockade on Saudi Arabia. The move introduced a fresh line of confrontation against Washington and its coalition in the ongoing Iran conflict, broadening strikes on vessels transporting energy resources and merchandise to areas outside the Gulf.

American President Donald Trump confirmed that negotiations involving Iran are scheduled for Monday (August 3, 2026), while refraining from establishing a specific timeframe to reach a consensus. His statements followed a previous announcement where he halted a planned military strike, aiming to swiftly achieve a resolution to restart passage through the Strait of Hormuz and settle disputes surrounding Tehran's nuclear program. Late Saturday (August 1), Mr. Trump posted on Truth Social mentioning that Tehran alongside regional Middle Eastern nations had requested time to finalize a pact ensuring the immediate and total clearance of the waterway and an end to Tehran's nuclear risk, emphasizing that Iran needs to conclude the deal rapidly.