Key Points The U.S. imposed a blockade of vessels from Iranian ports through the Strait of Hormuz. Yet CENTCOM said it had also let some ships from non-Iranian ports through the U.S. blockade. It was reported that the U.S. and Iran will return to talks later this week. That news sent oil prices tumbling. - 10 stocks we like better than Occidental Petroleum › Shares of U.S.-based oil producer Occidental Petroleum (NYSE: OXY) were falling on Tuesday, down 4.9% as of 1:00 p.m. EDT. Occidental is largely a U.S.-based oil and gas producer, with deep, low-cost inventory in the Permian Basin in West Texas, among other U.S. locations. The company also has a fair amount of debt on its balance sheet -- the result of two major acquisitions over the past seven years. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » As such, Occidental's stock is highly sensitive to oil prices and was an outsize beneficiary of the Strait of Hormuz closure, since some of its Middle East competitors have been cut off from global markets. The Strait has been an ongoing drama since shortly after the U.S.-Iran war began at the end of February. Today, there were renewed hopes for a deal to open the Strait. Despite a still very unclear picture of the future, those reports were enough to send oil prices tumbling, and Occidental's stock with it. Ships continue to cross, and peace talks are to resume On Saturday, the first rounds of negotiations, headed by Vice President JD Vance, ended without any resolution, as the Iranian leadership was unwilling to compromise on its nuclear ambitions, as well as other "red lines." In response, President Trump threatened to blockade the Strait of Hormuz with U.S. ships. Before this, Iran had been threatening all ships crossing the Strait, save for its own ships or others that had agreed to pay "tolls" to the regime. But Trump's blockade of the Strait would theoretically halt all ships, Iran's included. While Reuters reported today that ships continued to cross the Strait in roughly the same numbers as last week, U.S. Central Command said it was enforcing the blockade this morning. CENTCOM noted it was still allowing ships from non-Iranian ports to cross the Strait, suggesting some ships from allies were actually getting through. But CENTCOM also noted that it had ordered six ships from Iranian ports to turn back, which they did. Earlier today, two people familiar with the matter told NBC News that talks to reopen the Strait could resume later this week. That could mean the U.S. blockade is at least bringing Iran back to the negotiating table. That sent oil prices back down about 7.2% today, to $91 per barrel as of this writing. Occidental remains a good hedge against geopolitics While renewed hope for a deal to open the Strait sent oil prices back down today, it's still an open question when the Strait will reopen and what level of traffic will traverse it when it does. Meanwhile, oil prices may be down today, but will likely stay above the levels at which they started the year for some time. After all, even if the Strait opens, it will take time for supplies to regain past levels. That should enable Occidental to maintain high profitability and pay down more debt, at least through the first half of this year, de-risking its story. As such, Occidental may be worth a look on this pullback, especially for those without any oil and gas exposure in their portfolios. As we've seen this year, oil and gas stocks act as a good hedge against geopolitical turmoil in the Middle East and Russia. As a bonus, most major oil and gas companies pay solid dividends along the way. 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Key Points The U.S. imposed a blockade of vessels from Iranian ports through the Strait of Hormuz. Yet CENTCOM said it had also let some ships from non-Iranian ports through the U.S. blockade. It was reported that the U.S. and Iran will return to talks later this week. That news …
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International mediators have proposed a 10-day ceasefire between the United States and Iran, according to a senior Iranian official cited in reports. The measure is described as intended to reduce hostilities and allow renewed talks on a prior interim agreement.
Both sides are assessing next steps in the current regional security situation.
Reports indicate that a US-Iran ceasefire has broken down amid renewed fighting, with the potential impact of mediation efforts by Pakistan, Qatar, and Oman remaining unclear. Earlier diplomatic steps included a June memorandum of understanding between the parties for further negotiations and talks hosted in Geneva in February.
The summary also references Europe’s historical role in diplomacy, including the 1814-15 Congress of Vienna.
Donald Trump stated in a Fox News interview that his representatives had spoken with Iranian officials an hour earlier and that those officials wanted to make a deal to end the conflict, though he noted they had broken prior agreements and expressed uncertainty about whether one would be reached.
He added that people do not want to die and that Iran would need to proceed carefully to avoid further losses. The remarks come amid an ongoing US-Iran conflict that has involved casualties and shipping disruptions in the Strait of Hormuz, with some social media users criticizing the repetition of similar statements.
Why the Iran-US ceasefire is falling apart Iran and the US have resumed fighting because they don’t see each other as ‘reliable negotiating partners’, says analyst Ali Vaez. Neither Iran nor the United States seems able to deliver a “knockout blow at an acceptable price” to the other side, and both know “they have no choice other than engaging in diplomacy”, but they’re not ready to make uncomfortable concessions, argues Ali Vaez, director of the Iran Project at International Crisis Group.
Vaez tells host Steve Clemons that Tehran and Washington are trying to “enforce their own interpretation” of the ceasefire agreement they signed last month. President Trump has become “frustrated” with diplomacy because he’s not seeing “the kind of quick results that he likes to see”, Vaez says.