The Trump administration is reviewing a proposed peace plan tied to Iran that would reopen the Strait of Hormuz, with nuclear negotiations potentially pushed to a later phase. This marks day 60 of the Iran war, as diplomatic activity picks up pace around a sequenced approach: first resolve the strait, then tackle the nuclear question. The Strait of Hormuz is one of the world's most critical oil shipping lanes, handling roughly 20% of global oil trade. Any disruption there sends crude prices sharply higher; a resolution would ease that pressure. The reported plan suggests the U.S. side may accept a phased framework rather than demanding a comprehensive deal upfront. Delaying nuclear talks to a later stage is a significant concession in structure, if not in substance. It signals a possible willingness to separate immediate military and economic flashpoints from the longer-term proliferation question. Energy markets and Gulf states will be watching whether the Hormuz piece can be locked in independently. No timeline or final terms have been confirmed. The review phase means this remains a live negotiation, not a settled agreement.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.
