Vance said on Aug. 8 that some progress has been made in Iran talks over the past few days. The talks center on maximizing oil and gas output in the Strait of Hormuz and seeking an Iranian pledge not to fire on ships. BlockBeats reported.
US crude slipped 1.32% to $76.35 and Brent fell 1.54% to $81.50 on Friday's weekly close, according to Bitget data. A US official said talks between Oman and Iran are progressing, with a deal expected soon that would restore commercial shipping and lead to the lifting of the US blockade on Iranian ports. Iran also said the overall framework of a memorandum of understanding has been finalized.
According to a ChainCatcher report citing Jin10, Houthi forces have again claimed attacks on Saudi oil tankers, bringing to 29 the total number of Saudi tankers forced to retreat in the Red Sea and Arabian Sea. Trump said a US-Iran deal will be decided within 48 hours, with a 50% chance. Iran's foreign ministry also said it is close to reaching a Strait of Hormuz agreement with Oman, though the new shipping route is expected to be usable for only 2 to 4 months.
On August 5, US President Donald Trump said Washington and Tehran are holding "very good discussions," despite repeated denials from Iranian officials. Trump made the remarks during an interview with Fox News, saying: "We're having very good discussions. They don't want to admit it, which is a bit disturbing." He stressed that action, not words, is what matters, and that Iran wants to reach a deal. "We'll see what happens. If they don't end up reaching a deal, that's going to be too bad," he added. The report was distributed by BlockBeats, citing Jinshi as its source. No additional details about the talks were provided in the original report.
Spot gold traded in a narrow range during Wednesday's Asian session as an interim deal on the Strait of Hormuz appeared closer, easing inflation worries and reducing expectations for Fed rate hikes. Qatar said it drafted a proposal to normalize commercial shipping through the strait, while US and Iranian officials reported progress in talks. Oil fell for a third day on the optimism. Markets now fully price one US rate increase this year, down from nearly two last week. Looser monetary policy tends to support non-yielding gold.
According to Jin10, Iranian President Pezeshkian said Iran will defend its territory but is not seeking to expand the war. Separately, an Iranian Foreign Ministry spokesperson said talks involving the United States and Iran have been assessed positively at both the technical and political levels, though there is currently no fixed agenda. On shipping through the Strait of Hormuz, Iraq’s Oil Ministry said tankers carrying Iraqi crude have passed through the waterway. The chief executive of the American Petroleum Institute said about 7 million barrels of oil are transported through the Strait of Hormuz each day. The remarks and shipping update came in the same report cited by ChainCatcher via Jin10.
Pakistan is exploring ways to restart talks between the United States and Iran, according to three Pakistani sources cited by BlockBeats on July 24. The effort is aimed at ending a war that the report said has lasted for nearly five months. The sources said exploratory discussions took place during Iranian Interior Minister Eskandar Momeni’s visit to Islamabad this week, his second trip there in the past 10 days. A Pakistani government statement said Momeni, who is seen as close to Iran’s Islamic Revolutionary Guard Corps, met Pakistani government leaders and army chief Asim Munir during the visit. Even so, all three sources warned that major obstacles to negotiations with Washington remain in place. In the commodities market, Bitget data showed both Brent and WTI crude extending short-term losses by about $1.5. Brent fell 4% on the day to $91.11 a barrel, while WTI dropped below $89 a barrel, with its daily loss reaching 4.26%.
Iraq on Friday rejected a New York Times report that said Baghdad was mediating talks between the United States and Iran aimed at reaching a ceasefire. According to the Iraqi News Agency, which cited a statement from the Iraqi prime minister’s media office, the report published by The New York Times on Thursday was "completely baseless and unrelated to reality." The prime minister’s media office also urged media outlets to verify information through official channels and avoid circulating unconfirmed reports or statements attributed to anonymous sources. The item was carried by Odaily, citing Jin10.
