Trump says Iran will be 'hit very hard' if Hormuz Strait not open soon as oil prices fall - BBC News

US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both announced talks had progressed to allow shipments to resume.

Image source, ReutersByMichael RaceBusiness reporter, Reporting fromNew YorkPublished4 August 2026Updated 5 August 2026 04:44 BSTDonald Trump said the Strait of Hormuz would open "very soon" or Iran would be "hit very hard" as oil prices fell to a three-week low amid hopes of a deal.

The US president was speaking to Fox News after Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both said talks had progressed to allow shipments potentially to resume later this week.

On Tuesday, the cost of a barrel of Brent crude, the global benchmark for oil prices, fell by almost 5% to under $80 (£60) on the news of supply disruptions potentially being eased. It continued to move lower on Wednesday - down about 0.7% in Asian trading.

But the failure of previous talks in recent months to de-escalate the conflict has led to a volatile oil market, with motorists ultimately being hit by higher fuel prices.

"We're having very good discussions," Trump said during a visit to California, insisting Iran was keen to seal a deal to bring an end to months of conflict.