US Secretary of State Marco Rubio said the US will not accept Iranian control over or toll collection in the Strait of Hormuz, as President Donald Trump met with senior security advisors on Monday to review an Iranian proposal linked to the waterway. The White House confirmed the meeting took place amid broader negotiations over the war involving Iran. The Strait of Hormuz is the narrow passage between the Persian Gulf and the Gulf of Oman through which roughly a fifth of the world's oil supply moves daily. Any disruption or Iranian gatekeeping there would directly affect global energy prices and shipping costs. Rubio's statement signals that the US is drawing a hard line on freedom of navigation even as diplomatic talks continue. The Iranian proposal, which reportedly involves reopening the strait as part of a broader deal, suggests Tehran may be using access to the waterway as leverage in negotiations. Energy markets and shipping insurers will be watching closely for any sign that talks are stalling or that the US may move toward a harder posture if negotiations break down.
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.
