US-Iran deal to come 'today or tomorrow' as movement in Hormuz, Bab al-Mandeb still low

Israeli forces detonated a "huge explosion" in the southern Lebanese town of Haddatha on Tuesday, according to Lebanon's National News Agency.

The blast came as Israeli and Lebanese officials began a new round of talks in Rome aimed at advancing a June framework agreement under which Israeli forces would gradually withdraw from southern Lebanon while Hezbollah disarms.

US Central Command (CENTCOM) said it has redirected 45 commercial vessels under its "blockade against Iran" since reimposing the measure in mid-July, one more than the 44 reported a day earlier.

The update came as CENTCOM continued to insist the Strait of Hormuz remains open to commercial shipping, while US officials say they are working with Iran to enable more vessels to transit the strategic waterway safely.

Qatar's Emir Sheikh Tamim bin Hamad Al Thani and US President Donald Trump discussed efforts to ease tensions between Washington and Tehran during a phone call on Tuesday, according to the emir's office.

The statement said the two leaders reviewed recent regional developments, including attempts to "de-escalate" US-Iran tensions and "bridge the gap" between the two sides.

Trump praised Qatar's role in "supporting diplomatic efforts and facilitating dialogue", while Sheikh Tamim stressed the importance of continuing negotiations and ensuring all parties adhere to the US-Iran memorandum of understanding agreed in mid-June, the statement added.

The latest round of U.S.-facilitated talks between Israel and Lebanon began on Tuesday in Rome and will continue through Thursday, State Department spokesperson Tommy Pigott said.

"The United States remains fully committed to supporting both governments as they carry this process forward in a manner that delivers lasting security for both countries, eliminates security threats to Israel, and restores Lebanese state authority throughout the south," Pigott wrote in a post on X. 

Iran and Oman are continuing talks on ensuring the safe passage of vessels through the Strait of Hormuz, with discussions focused on establishing secure inbound and outbound shipping lanes, Iranian Foreign Ministry spokesman Esmaeil Baghaei said.

Speaking to state broadcaster IRIB, Baghaei said the negotiations had "been assessed positively at both the technical and political levels" as Iran works to develop the necessary "mechanisms" to manage traffic through the strategic waterway.

Big oil companies continue to book massive profits as the US-Israel war on Iran disrupts energy markets and sends oil and gasoline prices sharply higher.

Six of Europe’s largest oil companies posted combined first-quarter profits of $22 billion, more than 40% higher than last year. Profits at BP, based in London, more than doubled to $3.9 billion in the second quarter, the company said Tuesday.

And Saudi Aramco reported a 44% year-on-year increase in second-quarter net profit that reached $32.69 billion, driven by higher crude oil, refined products and chemicals prices.

The supercharged performances from big oil in Europe and the Middle East follow reports of enormous profits from the largest U.S. oil drillers last week.

As the war has dragged on, high oil prices have driven up the cost of gasoline, jet fuel and diesel, which has led to higher shipping costs. In the West, filling up the car or buying a plane ticket is costing consumers more. But the situation in parts of Asia are more dire because the region depends more heavily on fuel exported through the Strait of Hormuz. Fuel supplies have run low in some countries, leading to rationing and sporadic closures of schools and government offices.

Treasury Secretary Scott Bessent said that the United States could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday, adding that this would stabilize energy prices.

"We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict," Bessent said Tuesday in an interview with CNBC.

Asked if a deal would allow Iran to charge a toll on shipping using the strait, Bessent said: "I think it would be freedom of movement."

Bessent's comments echoed those of US President Donald Trump on Monday, who insisted the waterway could reopen within hours after he pulled back from threats of a massive military strike on Iran over the weekend.

Iran's foreign ministry has denied that negotiations with Washington were taking place, and on Tuesday, an unknown projectile hit a cargo ship in the Strait of Hormuz, a key point of tension in the US-Iran conflict.

Israeli forces arrested 630 Palestinians across the occupied West Bank in July, the Palestinian Prisoners' Society said, describing the detentions as part of an ongoing campaign of "aggression against the Palestinian people".

The group said Israeli forces also carried out field interrogations, raided homes, damaged property and assaulted detainees and their families during the arrest operations.

It added that, as of the start of August, Israel was holding more than 9,400 Palestinians in custody, including 370 children and 92 women.

US Secretary of State Marco Rubio reiterated that the Strait of Hormuz remains open and that commercial vessels continue to transit the strategic waterway, while confirming Washington is involved in negotiations aimed at improving shipping security.

Speaking to reporters at the White House, Rubio said the US was engaged in talks between Iran and Oman to enable more ships to pass safely through the strait.

"I think there is a conversation and a negotiation that we are involved in between Iran and Oman on how more ships can be able to go through there safely in the short term, as we move towards… longer-term talks about [Iran's] denuclearisation," Rubio said.

He added that the "denuclearisation of Iran" remained the "ultimate deal".

US Treasury Secretary Scott Bessent struck an optimistic note over the potential impact of a deal with Iran on shipping through the Strait of Hormuz, saying he expected energy prices to ease as vessel movements resumed.

Speaking to CNBC, Bessent said that while conditions in the strategic waterway remained "a little dicey", traffic was beginning to recover.

"Even though things are still a little dicey there over the past few days, we've seen quite a few ships coming out even now," he said.

"I'd expect the energy prices to settle back down, which, as I said, will be good for the entire world."