Iran Denies Peace Talks Within 24 Hours of Trump's Hormuz Announcement

Oil fell 4% to $83.51 a barrel on August 3 after President Trump said parameters for a deal to reopen the Strait of Hormuz were met. Within 24 hours, Iran's foreign ministry denied any negotiations were underway. Spokesman Baghaei said Iran was unlikely to fully reopen the strait if sticking points remained. The Strait carries roughly a fifth of global oil.