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Trump Says US-Iran Talks Continue; Rubio Says US Prefers Negotiations to Reopen Hormuz

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President Donald Trump said Tuesday that US-Iran talks are "going on continuously," dismissing media reports that indicate that stated talks were halted.

Trump said in a Truth Social post that reports of a halt in US-Iran communications were "false and erroneous" and that discussions between Washington and Tehran remained ongoing.

"The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today," Trump said.

"Where they lead, one never knows, but as I told Iran, 'It's time, one way or another, for you to make a Deal. You've been doing this for 47 years, and it cannot be allowed to go on any longer'," Trump said, reiterating his call for Tehran to reach an agreement.

Meanwhile, Secretary of State Marco Rubio struck a similar diplomatic tone during a Senate hearing on Tuesday while outlining the administration's conditions for restoring commercial traffic through the Strait of Hormuz.

Rubio said the Trump administration has not discussed sanctions relief for Iran in exchange for reopening the Strait of Hormuz, arguing that any easing of restrictions must remain tied to Tehran's nuclear activities.

"... any sanctions relief is condition-based, which means it has to be in return for the reason why those sanctions were put in place in the first place, which is their nuclear program," Rubio said.

"Iran is being sanctioned because they've highly enriched uranium. Iran is being sanctioned because of their nuclear activities. If they agree to give up those things, there will be sanctions relief associated with their commitment and compliance," Rubio said.

He added that the US would prefer to continue negotiations to reopen the Strait of Hormuz.

"If Iran wants to be able to move its oil again... they will have to reopen the Strait, if they refuse to do so, then we have other options available to us but we would prefer to negotiate," Rubio said.

He added that Iran must reopen the Strait of Hormuz, stop charging transit fees and end threats against commercial vessels before broader negotiations can proceed. "They have to announce very clearly, that straits are now open, we're are not charging a toll, we'll help remove the mines... and they will not fire on ships," Rubio said.

After reopening the Strait, talks would shift to Iran's nuclear program and its stockpile of highly enriched uranium, Rubio said.

"Phase two is... the disposition of the highly enriched uranium that is still very deep in the mountains somewhere," Rubio said, adding that Iran must accept severe long-term limits on uranium enrichment or agree to end the activity altogether.

Rubio said specialists would likely need up to 90 days to work through technical details surrounding Iran's nuclear program if Tehran agrees to proceed.

Rubio said Iran's supreme leader remains alive and is becoming increasingly involved in decision-making, suggesting Tehran's leadership continues to play an active role in ongoing discussions with the US.

On energy markets, Rubio said countries across the Indo-Pacific remain heavily dependent on flows through the Strait of Hormuz and will need time to diversify supplies.

The Strait of Hormuz carries roughly 80% to 90% of the Indo-Pacific's energy supplies, Rubio said, adding that the region will see "more diversification on where they get the energy from, including from the United States."

Asked whether he could commit to not extending a general license tied to Russian oil transactions when it expires on June 17, Rubio said the decision ultimately rests with the Treasury Department.

Rubio said the administration previously approved the temporary measure to help maintain global oil supplies and avoid disruptions that could have pushed energy prices higher, describing the license as a time-limited response to market conditions.

Oil prices rose in midday trading on Tuesday as investors monitored developments in US-Iran negotiations, with Brent crude increasing 1.14% to $96.06 per barrel and US West Texas Intermediate crude gaining 1.83% to $93.85/bbl.

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Market Chatter: UAE Weighs Products Pipeline Bypassing Strait of Hormuz

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EMEA Oil Update: Crude Rises as Markets Weigh US-Iran Peace Prospects

EMEA crude futures rose in after-hours trading on Tuesday as markets weighed the prospects of a US-Iran peace deal, following President Trump's statement that talks with Iran were ongoing amid conflicting reports from Tehran.Brent crude futures gained 0.74% to $95.64 per barrel, while Murban oil futures advanced 1.57% to $95.91/bbl."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," a Saxo Bank strategist said, adding that global energy markets continue to tighten, with the main focus remaining on the Strait of Hormuz.On Tuesday, Trump said that reports suggesting that the US and Iran had stopped communicating are "fake and erroneous," adding that talks between the two sides have continued over recent days."The conversations between us have been going on continuously, including four days ago, three days ago, two days ago, one day ago, and today," Trump said in a social media post on X.The US President reportedly said that a memorandum of understanding with Iran to reopen the Strait of Hormuz could be reached over the next week. Trump said the US still had "to get a few more points" before a deal.Iran, meanwhile, suspended the exchange of messages with US negotiators for at least several days and issued threats against vessels transiting the Bab el Mandeb, the Red Sea chokepoint that carries a major share of the world's energy shipments.ING strategists said the Bab el-Mandeb threat is a concern for oil markets, given that Saudi Arabia has diverted a large amount of crude that should have been exported from the Persian Gulf to the Red Sea.Fueling uncertainty, Trump and Israeli Prime Minister Benjamin Netanyahu offered differing accounts of a call about the fighting in Lebanon.Trump said on Monday that he held a call with the Israeli leader, whom he instructed to halt a planned Israeli attack on parts of the Lebanese capital, Beirut, while Netanyahu released a statement saying he had told the US President that his country would attack targets in Beirut if Hezbollah did not stop attacking Israel amid ongoing strikes in Southern Lebanon."With commercial traffic through Hormuz still constrained and geopolitical tensions extending to Lebanon, investors remain focused on the risk of prolonged supply disruptions in a region," said Soojin Kim, research analyst at MUFG.The Middle East conflict has morphed into a stalemate with the Strait largely shut for more than three months after the US-Israel alliance launched strikes against Iran. Traffic via the strategic waterway remains constrained, with CENTCOM saying on Monday that US forces redirected 122 Iran-linked commercial vessels.

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Market Chatter: Adnoc Restarts Naphtha Exports Via Oman Route as Asian Prices Retreat

Adnoc has resumed naphtha exports through Oman's Sohar port after creating an alternative route that bypasses direct shipments through the Strait of Hormuz, Reuters reported Tuesday, citing traders.The company stopped exporting about 1 million metric tons of naphtha per month from its Ruwais refinery in April after the US-Israeli conflict disrupted shipping through the strait, according to the report.Instead of sending cargoes directly to customers, Adnoc is first moving naphtha on smaller tankers inside the Gulf before transferring the product onto larger vessels at Sohar for export to Asia.The new route offers buyers another supply option and helps alleviate concerns about ships transiting the Strait of Hormuz.Two tankers loaded Adnoc-linked naphtha cargoes near Sohar around May 30 and are now sailing toward Asia, the report added, citing shipping data from traders.Traders added that more vessels may have loaded Adnoc cargoes through Sohar, although available shipping records do not show every transfer.Earlier supply disruptions in the Gulf drove Asian naphtha prices to a record $1,300 per metric ton and pushed refining margins to a record $467 per ton above Brent crude, according to the report.With more supplies reaching the market, Asia's benchmark naphtha price for second-half July delivery has fallen to $788 per ton, while refining margins have dropped to about $84 per ton, the report added.Shortages of feedstock have also forced petrochemical plants across Asia to cut production rates and declare force majeure at some facilities, putting further pressure on demand.The International Energy Agency expects global naphtha demand to fall by 80,000 barrels per day to 7.136 million b/d this year.An India-based trader said weak demand and improving supplies should keep prices below the record levels seen in March.Adnoc didn't immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)