News Summary
Prepared with editorial review.
- US President Donald Trump indicated that the conflict with Iran could end soon as positive progress is being made in negotiations.
- Under Oman’s mediation, a draft agreement on the Strait of Hormuz between the US and Iran is in its final stages.
- Reduced ship traffic at the Strait of Hormuz has led to a rise in crude oil prices, with Brent crude reaching $82.49 per barrel.
August 8, Kathmandu – US President Donald Trump has signaled that the ongoing conflict with Iran could soon come to an end. Speaking to reporters at the White House, Trump said that talks between the two countries are moving in a positive direction and he does not expect the conflict to last much longer.
Trump claimed that Iran itself initiated the negotiations and said this agreement would be the best option for Iran.
He also warned that the United States has no shortage of weapons and continues to produce new arms as needed.
Preparations for Agreement on the Strait of Hormuz
According to the news agency AP, a potential agreement concerning the Strait of Hormuz between the US and Iran is nearing completion. The draft agreement is reportedly in the final stages under Oman’s mediation.
Meanwhile, the Iranian parliament has proposed a bill to bar ships from the US, Israel, and other enemy nations from entering the Strait of Hormuz, imposing a 20% fine on any violations.
Robert Pape, a professor at the University of Chicago, noted that Trump currently faces two options — either accept Iran’s growing influence or escalate the conflict further. Pape stated, “Despite some tactical military successes from air and naval strikes, the US has failed to achieve its primary objectives. After the conflict, Iran has emerged stronger.”
This tension has had a direct impact on the global market. Ship traffic through the Strait of Hormuz and Bab al-Mandab has declined sharply. While typically 130–140 ships pass daily through the Strait of Hormuz, only two ships passed on Wednesday.
Additionally, crude oil prices have risen internationally, with Brent crude reaching $82.49 per barrel and West Texas Intermediate (WTI) at $77.29 per barrel.
Eight major global shipping organizations have appealed to avoid any toll or service charges in the Strait of Hormuz, fearing such fees could exacerbate global inflation.
