A ship was attacked in the Strait of Hormuz. Trump gave Iran a "last chance" to reach a deal

On the evening of August 3, a cargo ship reported that it had been struck by an unknown projectile off the coast of Oman—near the Strait of Hormuz, according to the United Kingdom Maritime Trade Operations (UKMTO). None of the parties to the conflict has yet claimed responsibility for the attack. Local authorities have launched an investigation into the incident.

The attack took place against the backdrop of renewed talks—according to Washington—between the U.S. and Iran on peace in the Middle East. The fact that the talks “are taking place right now” — and had begun at the request of Iran, Saudi Arabia, the United Arab Emirates, Qatar, and other countries — U.S. President Donald Trump told reporters in the Oval Office on August 3, according to CNBC. This is the “last chance” to end the five-month conflict, he warned Iranian authorities.

Tehran, for its part, denied reports that negotiations with the U.S. are underway or planned. Late last night, Iranian Foreign Ministry spokesman Ismail Baghai made this statement, according to Reuters. He noted that all Iranian negotiators are in the country—with the exception of Foreign Minister Abbas Arakchi, who is on a religious pilgrimage to Iraq. According to the official, the only negotiations currently underway were discussions with Oman regarding the management of the Strait of Hormuz.

In response, Trump took to the social media platform Truth Social to describe Iran’s leaders as “incredibly hypocritical” and accused them of lying about the peace talks that are already underway, “whether Iran wants to admit it or not.”

U.S. WTI crude oil futures rose 1.8% on August 4, reaching $81.75 per barrel, amid uncertainty surrounding the negotiations between the U.S. and Iran and an attack on a vessel near the Strait of Hormuz, while the international benchmark Brent rose 2.4% to $85.8 per barrel. Traders have lost confidence that a diplomatic resolution to the conflict, which has shaken energy markets, is imminent, according to CNBC. On Monday, amid hopes for de-escalation, Brent prices fell to $83.77 per barrel.

Following the escalation of the conflict in the Middle East last month, Iran has effectively blocked shipping through the Strait of Hormuz, according to Reuters. Traffic along this route has remained low over the past few weeks: on Monday, only six ships passed through the strait—compared with seven the day before, according to data from Kpler.

On August 4, Iranian President Masoud Pezeshkian stated that Tehran would continue to defend its borders, but emphasized that it does not seek to escalate the conflict, CNBC reported, citing Iranian state media. His remarks came after Trump called off “large-scale strikes” against Iran over the weekend—strikes he had promised to carry out before announcing the negotiations. Thus, the U.S. leader repeated his tactic of announcing major strikes and then calling them off, Reuters notes.

This article was AI-translated and verified by a human editor