Trump gives Iran last chance as talks shift to Hormuz, denuclearization

Trump said on Aug. 3 that talks with Iran would move in two phases, with the first centered on reopening the Strait of Hormuz and the second on denuclearization. He said he wanted the waterway “completely open” by Tuesday and warned Iran faced “decapitation” if it did not strike a deal.

Trump had already signaled he would give the talks a little more room after previously suggesting fresh strikes, and on Aug. 1 he said he would hold off on a new Iran attack in hopes of a quick deal.

Iran answered on Aug. 3 that there were no talks under way with the United States and no plans for any meetings. Oman was discussed as a regional mediator on Strait of Hormuz arrangements, and Trump said Gulf allies and Tehran urged him to delay planned strikes. Negotiations were expected to resume Monday.

Crude oil, condensate and petroleum product flows through the Strait of Hormuz fell almost 30 percent year over year to 14.6 million barrels per day in the first quarter of 2026, the U.S. Energy Information Administration said.

Acting Attorney General Todd Blanche rescinded the Justice Department’s $1.8 billion anti-weaponization fund on Aug. 3 after pressure from Senate Republicans, clearing the main obstacle to his confirmation vote. John Cornyn of Texas and Thom Tillis of North Carolina said they would support Blanche once the fund was scrapped. The committee vote had already been delayed after the two senators objected, and Trump said he did not sign off on Blanche’s decision to rescind the order.