President Donald Trump has described the latest diplomatic effort with Iran as its "last chance" to end the five-month conflict, saying negotiations are underway at the request of Iran and several Gulf nations, including Saudi Arabia, the United Arab Emirates and Qatar.
However, Tehran has again denied holding direct talks with Washington. Iranian Foreign Ministry spokesperson Esmail Baghaei said Iran is only negotiating with Oman on arrangements related to shipping through the Strait of Hormuz.
Trump accused Iran's leadership of being "unbelievably duplicitous" in a Truth Social post, insisting peace talks are taking place regardless of Tehran's public position.
Oil prices rebounded after initial optimism faded. West Texas Intermediate and Brent crude both rose as traders questioned the prospects for a diplomatic breakthrough. The report also said U.S. Central Command continued operations around the Strait of Hormuz.
Related Tweet:
President Trump said his latest offer of talks is a “last chance” for Iran after he called off what he said was a major attack on the Islamic Republic https://t.co/xYawdsQtSk pic.twitter.com/Mb6uBeh1qx
— Bloomberg (@business) August 3, 2026
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