Qatar: Progress Made Toward US-Iran Talks on Ending War; Oil Prices Dip

Qatar announced on Tuesday that mediators are making progress in talks aimed at ending the US-Iran war, a development that caused oil prices to fall. However, Iran has denied President Donald Trump's claim that negotiations have already begun, stating that its sole discussions are with Oman concerning the Strait of Hormuz and that no major meetings are planned this week.

“

There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly.

Benchmark Brent crude fell more than 4% following Qatar's comments, extending previous day's losses on hopes that an arrangement could be reached to reopen the Strait of Hormuz, a crucial waterway for global oil and natural gas shipments. Senior US officials, including Treasury Secretary Scott Bessent and Secretary of State Marco Rubio, expressed optimism, pointing to progress in discussions to reopen the strait, which normally carries about a fifth of global oil and LNG shipments.

"There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly," Rubio told reporters. Bessent indicated that a deal with Iran on reopening Hormuz could be reached by Tuesday or Wednesday. Qatar's foreign ministry spokesperson, Majed al-Ansari, described the diplomatic contacts as having reached "very progressive stages," adding that mediators including Qatar, Pakistan, and Oman are coordinating closely to facilitate negotiations and exchange draft proposals between Washington and Tehran.

“

There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly.

Despite the diplomatic signals, the Strait of Hormuz remained virtually shut, with reports of another ship coming under attack while attempting to cross. A cargo vessel was reportedly struck by an unidentified projectile near the strait off Oman's coast, according to the UKMTO maritime security agency. Maritime sources identified the vessel as a dry bulk ship, whose crew had to abandon it, with one seafarer reported missing. Iran has been demanding full control over inbound shipping through the strait and visibility over outbound traffic, with the ability to intervene if necessary.

“

There’s been progress made in those talks, but not finality yet. We’re hoping that will happen very shortly.