Iran announced on Monday that it is engaged in negotiations with Oman, aiming to reach an understanding for a temporary route through the Strait of Hormuz to facilitate the resumption of commercial shipping. This statement emerged shortly after U.S. President Donald Trump asserted that new talks to end the conflict with Iran would commence on Monday, and that he had previously called off large-scale strikes on the country for this purpose.

President Trump did not specify which parties would participate in the proposed negotiations. However, Iran swiftly clarified its position, stating that it was not engaged in discussions with the United States and had no intention of doing so. This denial from Tehran appeared to provoke a reaction from the U.S. president, who later posted on his social media platform that Iran's leadership was "unbelievably duplicitous."

Speaking to reporters at the White House, Trump insisted that talks were indeed in progress, stating, "They're going on right now... this is the last chance for them to sign a good document." Earlier, over the weekend, Trump had indicated that the parameters of a deal had been agreed upon, which would include the reopening of the Strait of Hormuz, a critical waterway whose closure by Iran has led to a surge in oil prices.

Trump mentioned that Saudi Arabia's Crown Prince Mohammed Bin Salman, along with U.S. partners including the United Arab Emirates and Qatar, had urged him against launching strikes over the weekend. He explained that these nations believed a deal was imminent, specifically concerning Hormuz and the nuclear issue. Global oil prices responded to Trump's announcement, with Brent Crude falling by 4.5% to $83.98 and U.S.-traded oil dropping 4.6% to $80.74 in early Asian trading.

Energy prices have been volatile since the conflict began on February 28, with traders reacting to disruptions in shipping through the Strait of Hormuz. Approximately 20% of the world's crude oil and liquefied natural gas (LNG) typically passes through this vital chokepoint. Vessel-tracking data from Kpler indicates a slowdown in commercial shipping, with 51 crossings recorded between July 30 and August 2, a decrease of about 28% compared to the preceding four days when 71 crossings were logged.

Talks aimed at resolving the conflict, which had been largely mediated by third parties, collapsed last month, ending a ceasefire that had been in place since April. President Trump has repeatedly suggested that a negotiated settlement was close, only for retaliatory strikes to resume.

Analysts have noted that the threat to oil tankers in the Middle East is the most severe since the start of the Iran war. While the exact nature of any potential negotiations remains unclear, both President Trump and the White House have frequently accused Iran of engaging in deceptive practices.