🔄 UPDATE: Iran rejects Trump's statement - Oil prices rebound 💥

On Friday, the Iranian news agency Fars News challenged U.S. President Donald Trump’s statement that an agreement had been reached with Tehran, describing his remarks as a “mixture of truth and lies” and an attempt to portray a false diplomatic victory. According to the agency’s sources, none of the negotiated clauses obligates Iran to open the Strait of Hormuz without transit fees, and Iran has not agreed to dismantle its nuclear materials.

Earlier, Trump announced via Truth Social that he was lifting the U.S. naval blockade of Iran, contingent on Tehran abandoning its weapons program, fully opening the Strait of Hormuz, and neutralizing sea mines. He added that the final decision would be made following a meeting in the Situation Room and that no funds would be transferred until further notice.

The markets reacted sharply to both statements. Brent crude fell more than 2% to around $90, and some of those losses were recouped following Tehran’s response.

The situation remains unresolved. Both sides are presenting conflicting accounts of the talks, which is keeping volatility high in the commodities markets.

3 August 2026, 6:48 PM

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Commodities

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