US President Donald Trump said on 10 August that Washington is “only semi-negotiating” with Iran, signalling a preference for sustained economic pressure over military action even as conflicting statements from both sides leave the status of the Strait of Hormuz — a chokepoint for roughly 20% of the world’s fossil fuel traffic — mired in uncertainty.

Trump’s Stance: Pressure Over Force

In a brief phone call, Trump told reporters that the US is “low keying it,” arguing that Iran “is in very bad shape” economically. The remarks suggest he is banking on financial strain to extract concessions rather than escalating to a new military offensive — a notable calibration given his earlier warnings.

Earlier in the week, Trump had threatened that Iran would be “hit very hard” if the Strait of Hormuz was not reopened “very soon,” and had issued what he called a “last chance before decapitation.” On Monday, speaking from the Oval Office, he said the two sides were discussing opening the Strait “literally by tomorrow.” That timeline passed without resolution.

The Strait of Hormuz Agreement: Pending, Not Signed

According to reports, a separate agreement governing maritime traffic in the Strait of Hormuz — negotiated among Iran, Oman, and the United States — has been “pending for a few days.” Iranian Foreign Minister Seyed Abbas Araghchi said on Saturday that Iran and Oman are “very close” to finalising a temporary route designation for maritime traffic through the Strait.

However, Araghchi struck a harder line on Sunday, stating that the resumption of direct Iran-US negotiations would not be possible unless Washington ends what he described as violations of a recently signed memorandum of understanding between the two countries. He made the remarks to reporters on the sidelines of an event in Tehran, stressing that “no negotiations are currently underway” between the two sides.

Contradictory Claims Deepen Uncertainty

The diplomatic picture is complicated by sharply divergent accounts. In an interview with Fox News, Trump said the US is having “very good discussions” with Iran. Tehran flatly denied that any talks are taking place. This pattern of simultaneous assertion and denial from both capitals has become a recurring feature of the standoff.

Notably, this is not the first time conflicting signals have clouded the Iran-US relationship at a critical juncture. The back-and-forth over the Strait — through which a fifth of global fossil fuel supplies transit — carries direct consequences for oil markets, regional shipping, and energy-importing nations including India.

What Comes Next

The pending Oman-brokered maritime agreement remains the most concrete diplomatic pathway on the table. Whether it holds depends on whether both sides can reconcile their public positions with what is reportedly being discussed in back channels. With economic pressure on Iran intensifying and Trump resisting a military option for now, the coming days will test whether “semi-negotiating” can produce a durable opening.