Hormuz Shipping Remains Slow as Oil Prices Fall on Renewed Hopes of US-Iran Talks

London, Aug. 5 (Reuters) [VoM News]: The fate of US-Iran talks remain uncertain as the maritime traffic through the Strait of Hormuz remained limited on Monday.

However, despite some signs of easing tensions between the United States and Iran, as per shipping data and officials, the maritime traffic remained affected.

Meanwhile, the United Kingdom Maritime Trade Operations (UKMTO) agency said commercial traffic through the strategic waterway remained slow. Data from shipping analytics firm Kpler showed that only six vessels, including three oil tankers and three bulk carriers have transited the strait on Monday, as compared to seven the previous day.

Global markets reacted positively to renewed hopes of diplomacy. Brent crude futures fell around 7 percent to about $83.77 per barrel, while the Dow Jones Industrial Average closed at a record high. Asian stock markets and oil prices edged slightly higher on Tuesday.

Gulf officials and analysts told VoM News that Iran appears to be using the region’s shipping lanes, trade routes and energy infrastructure as leverage to increase pressure on the United States and its allies.

Reliable sources informed VoM News that Tehran is believed to be calculating that prolonged disruption could make continued confrontation more costly than addressing its demands regarding the Strait of Hormuz.

Michael Knights of the Washington Institute said Iran’s biggest advantage is its ability to inflict economic costs on regional states and the global economy.

US President Donald Trump, in a post on Truth Social, described Iran’s leadership as “unbelievably duplicitous” and claimed that Tehran had requested a meeting, with further talks expected in the immediate future.

Trump also reiterated that the US Navy had complete control over the Strait of Hormuz, stating that no vessels would pass unless the United States permitted it or a deal was reached.

Despite those remarks, Iran has publicly rejected negotiations with Washington since the collapse of a memorandum of understanding in early July that had aimed to reduce tensions.

Reuters reported that the latest developments reflect a recurring pattern in recent months, with military escalation followed by diplomatic overtures, while the dispute over the Strait of Hormuz remains a key point of disagreement between Washington and Tehran.