According to AFP, speaking to US media on August 4 (local time), US Treasury Secretary Scott Bessent expressed optimism that oil prices could stabilize again thanks to an agreement between the US and Iran on the Strait of Hormuz.
Speaking at the White House earlier, President Donald Trump left open the possibility of reaching a diplomatic agreement with Iran, and warned the country of the risk of facing military action if negotiations fail.
Mr. Trump said that the goals in the US agreement include reopening the Strait of Hormuz and Iran's denuclearization.
The Iranian Foreign Ministry denied negotiations with the US, while President Trump still affirmed that negotiations are underway.
The Strait of Hormuz - an important shipping route for global oil and gas supplies - continues to be the focus between the recurring fighting between the US and Iran.
US Secretary of State Marco Rubio said on August 4 that the US is participating in negotiations between Oman and Iran to strengthen transportation through the Strait of Hormuz.
Expectations for the Hormuz Strait to reopen have dragged oil prices down sharply. North Sea Brent oil prices fell more than 6%, to below 79 USD/barrel.
Qatar - a country playing a mediating role in the talks - said that diplomatic efforts are still ongoing but there are no plans to hold direct talks between the US and Iran.
Qatari King Sheik Tamim bin Hamad Al Thani had a phone call with President Trump on August 4, exchanging views on efforts to de-escalate tensions.
After more than 5 months of conflict that cost the US billions of USD, Iran still has the ability to launch missiles and unmanned aerial vehicles (UAVs) targeting targets of the US, allies as well as commercial ships in the region.
In the early morning of August 4, the UK Maritime Trade Organization (UKMTO) said that an unidentified cargo ship was hit by an object of unknown origin in the Strait of Hormuz, off Oman.
