Market Move
Oil prices ticked up on Tuesday, extending weekly gains after President Donald Trump announced on Truth Social that there are no ongoing talks with Iran. At 16:45 ET (20:45 GMT), Brent crude futures for October rose 0.4% to $91.27 a barrel, having earlier touched $92 a barrel. U.S. West Texas Intermediate (WTI) futures for October climbed 0.8% to $84.39, after an earlier high of $85.01. Both benchmarks are already up more than 2% for the week.
Trump’s Statement and Policy Stance
Trump wrote that "there are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran," reaffirming that the naval blockade of Iranian ports remains in full force and that the Strait of Hormuz is open and operating, with all water mines removed or detonated. He also indicated he would not extend the memorandum of understanding (MOU) between the United States and Iran after its expiry; the MOU was initially signed in mid‑June and collapsed in July. Earlier on Monday, Trump warned of possible military action against Oman if it interfered with U.S. efforts to reach a deal with Tehran.
Iranian and Regional Responses
Iranian official Kazem Gharibabadi dismissed Trump’s claim about the strait as a "delusion" that would be corrected. Iran denied any negotiations, demanding that Washington cease hostilities on all fronts and unfreeze Iranian assets before the strait can be reopened. Tehran is also working on a management framework for the strait with Oman.
Security Incidents and Missile Detections
The United Arab Emirates defence ministry reported detecting two Iranian ballistic missiles that fell into the sea, describing them as targeting maritime navigation. The United Kingdom Maritime Trade Operations agency said a vessel was struck by an unknown projectile while outbound in the strait, causing engine‑room damage and a crew casualty.
Traffic Through the Strait of Hormuz
Kpler data showed confirmed ship crossings fell to just three on Sunday. Overall crossings for the previous week declined 19.5% to 95 vessels, compared with more than 130 ships that traversed the strait each day before the conflict began. The threat of Iranian attacks continues to deter vessels from using the corridor.
Overall Context
Supply‑disruption fears remain elevated as the UAE’s detection of missiles and the ongoing naval blockade keep market participants cautious.