Iran denies US talks, says Strait of Hormuz stays closed after clashes

Iran's foreign ministry said on Monday it is not in talks with the United States, despite a pause in fighting that began early Saturday after two weeks of exchanges over the Strait of Hormuz. Spokesman Esmaeil Baqaei called claims of Iranian requests for negotiations fabrications and likened US behaviour to a mafia gang that follows no rules. Iran's Revolutionary Guards have turned back six vessels that tried to use the strait outside the route set by Tehran, and the waterway remains closed as Iran insists on keeping control of its management and fee collection, with Oman only as a coastal state. Talks with Oman over the strait's administration are bilateral and unrelated to the US, Baqaei added. The display of Iranian-made Zolfaghar missiles at Tehran's Azadi Square on July 24 underscored the show of force. The pause in fighting has already helped Brent crude fall to about $92 per barrel, reviving hopes the strait could reopen if tensions stay low.

For Nigeria, a major importer of refined petroleum, any disruption in the Strait of Hormuz can push up global oil prices, raising fuel and transport costs across the country. Even a short closure can affect inflation and household budgets, especially as the country still relies heavily on imported fuel despite being an oil producer.

With oil prices reacting to Strait of Hormuz tensions, how might you adjust your household budget or business costs if fuel prices rise sharply in the coming weeks?

SOURCE: https://www.channelstv.com/2026/07/27/no-current-negotiations-with-us-iran/