Oil Falls as US-Iran Resume Ceasefire Talks After Earlier Collapse

The dollar slipped against the yen and Swiss franc as traders shifted into riskier assets, several traders said.

Shiptracking data show limited improvement in traffic through the strait. On July 29, LNG carrier transits resumed after a two-week pause. The number of vessels crossing in recent days has averaged only 10-15 per day, far below pre-war levels. Traders said any reopening would not restore the old volume.

The two sides never moved past stage four or five of the earlier negotiation framework, according to reports from the first round. The same red lines remain on uranium enrichment and stockpile limits. Those issues have blocked agreement for more than a decade. Iran's leverage is the strait itself. As long as Tehran controls the chokepoint, it can afford to delay, analysts said.

The cycle of ceasefire, collapse, and renewed talks serves Iran's strategy of running out the clock, analysts said.