Global Oil Price Plunge, Iran Says Hormuz Peace Talks Enter Final Stage

August 3rd, the Iranian Ministry of Foreign Affairs stated that negotiations between Iran and Oman regarding the security of navigation in the Strait of Hormuz are still ongoing and have entered the "final stage." Driven by expectations of easing tensions in the Middle East, international oil prices fell on Monday, with WTI crude oil falling over 7% and Brent crude falling over 5% to around $83 per barrel.

Iran's Foreign Ministry spokesperson, Baghaei, stated that the current negotiations are not conducted directly with the United States, but rather between Iran and Oman regarding ensuring the safe passage of vessels through the Strait of Hormuz, with the goal of promptly establishing a temporary shipping route.

However, Iran has emphasized that the situation in the Strait of Hormuz is linked to U.S. military actions, and as long as these actions continue, there will be no significant changes in the strait's condition.

Earlier reports suggested that Iran and Oman were discussing reopening a "middle corridor," but this corridor may have minefield situations, requiring demining operations to restore normal shipping. Currently, the Strait of Hormuz remains effectively closed, with only a few permitted vessels passing through along specific routes.

Prior to this, U.S. President Trump stated that an agreement to open the Strait of Hormuz may be imminent, citing the cancellation of a planned military strike due to diplomatic efforts by Gulf countries. However, he also stressed that the U.S. still maintains military pressure, and any agreement must include "full access to the Strait of Hormuz" and addressing the Iranian nuclear issue.

Gulf countries such as Saudi Arabia, the UAE, and Qatar continue to call for de-escalation through diplomatic means, expressing concerns that further escalation of the conflict may lead to more attacks, affecting regional energy and economic stability. The military threat between Iran and the U.S. has not been completely eliminated.