Iran Denies Hormuz Reopening Deal, Sending Oil Up 2.4%
Updated
Updated · Yahoo Finance · Aug 2
Iran Denies Hormuz Reopening Deal, Sending Oil Up 2.4%
3 articles · Updated · Yahoo Finance · Aug 2
Summary
WTI crude rose about 2.4% to near $86.79 after Iran rejected Donald Trump's claim that a deal had been agreed to reopen the Strait of Hormuz.
Fars quoted a source close to nuclear talks saying no such agreement exists, while acting Defense Minister Seyyed Majid Ibn Al-Reza called Trump's remarks psychological warfare.
Trump had said he canceled a planned strike because Iran and its neighbors sought a pause and had agreed on terms to reopen the strait and end Iran's nuclear threat.
About 20 million barrels a day moved through Hormuz in 2024, with only 2.6 million barrels able to bypass it through Saudi and UAE pipelines, leaving oil highly sensitive to any disruption.
The denial also undermines the EIA's July forecast cut to $74 Brent this quarter, which assumed smoother traffic, while Bitcoin barely moved—up 0.08% near $63,063.