LIVENaval blockade, Gaza strikes test fragile path to renewed US–Iran talksLast updated: August 03, 2026 | 22:38Gulf News ReportDonald TrumpIsraelGazaUS-Israel-Iran warTrump tells Iranians 'Deal, or Total Surrender'AFPUS President Donald Trump said Monday that negotiations with Iran were happening 'right now,' describing the talks as a final opportunity for Tehran to reach an agreement, and warning "this is a last chance for them to sign a good document." The remarks came as IRGC ground force commander Mohammad Karami warned Iranian forces would respond decisively to any "miscalculation" by outside adversaries or terrorist groups. Meanwhile, the Strait of Hormuz and Bab El Mandeb remain high-risk corridors despite active shipping traffic through both. Follow this page for live updates as the situation develops.HighlightsSHOW MORE10:30 PM, 3 August 2026Trump says US will not allow Iran to charge Strait of Hormuz transit feesPresident Donald Trump said the United States would not allow Iran to impose fees on ships using the Strait of Hormuz, insisting navigation through the strategic waterway must remain free. He said Washington retained "total control" and warned that any attempt by Tehran to charge vessels would not be accepted.Trump also referred to what he described as a potential US blockade capability, dismissing the prospect of Iran collecting transit fees. "There won't be charging," he said. "We are not talking about charging at all."10:27 PM, 3 August 2026Trump says oil firms making 'too much money' from Iran shortageUS President Donald Trump said Monday that major oil companies are making "too much money" due to high prices stemming from the crude shortage caused by the Iran war."I don't like it. They're making too much money, okay? Based on a shortage, they're making too much money," Trump told journalists at the White House.10:16 PM, 3 August 2026Trump calls it Iran's 'last chance' to reach a dealUS President Donald Trump said Monday that negotiations with Iran were happening "right now," describing it as a final opportunity for Tehran to make a deal.Talks are "going on right now," Trump told journalists at the White House, adding: "This is a last chance for them to sign a good document."Get updated faster and for FREE: Download the Gulf News app now - simply click here.09:14 PM, 3 August 2026US says 44 commercial vessels redirected under Iran blockadeUS Central Command (CENTCOM) said American forces are continuing to enforce the US blockade against Iran, providing updated figures on maritime operations in the region.In a post on X, CENTCOM said that as of August 3, US forces had redirected 44 commercial vessels, disabled two and boarded two as part of blockade enforcement efforts. 08:50 PM, 3 August 2026IRGC commander says forces ready to respond to any threatIran's Islamic Revolutionary Guard Corps (IRGC) ground force commander Mohammad Karami said its forces are prepared to respond decisively to any threat, warning against what he described as potential "miscalculations" by extra-regional adversaries or terrorist groups.Karami said fighters under the Hamzeh Seyyed Al Shohada Headquarters remain on high alert and are backed by intelligence capabilities and operational readiness.In a post on X, Karami said the forces, drawing on "operational readiness, faith, technology and modern sciences", were ready to deliver a "decisive response to any threat."07:40 PM, 3 August 2026Trump claims Iran talks ongoing despite denialsUS President Donald Trump said Iran’s leadership was being “duplicitous” over diplomatic efforts, claiming Tehran had sought talks while publicly denying that negotiations were taking place.In a post on Truth Social, Trump said discussions were underway, while insisting that the US would not allow Iran to develop a nuclear weapon.Trump also reiterated his claim that the Strait of Hormuz was under US control, saying the US Navy’s presence and blockade measures would prevent anything from reaching Iran unless a deal was reached. He said any resolution would require Iran to address what he described as problems caused by Tehran over decades.07:31 PM, 3 August 2026Saudi supertankers reroute amid Houthi shipping threatsSix Saudi-flagged supertankers have altered their routes in the Gulf of Aden in recent days, heading towards southern Africa amid threats by Yemen’s Houthi fighters to target Saudi Arabian shipping, according to ship-tracking data cited by Reuters.06:40 PM, 3 August 2026Strait of Hormuz, Bab El Mandeb remain high-risk corridors despite active trafficShipping traffic continued through the Strait of Hormuz and Bab El Mandeb on August 2, but both key maritime routes remained exposed to elevated risks, according to maritime analytics firm Kpler.The Strait of Hormuz recorded nine confirmed vessel transits, including two sanctioned vessels and two linked to the shadow fleet. Seven crossings used the Iranian Unilateral Scheme, while no vessels followed the established traffic separation scheme, indicating continued concentration on alternative routing patterns.In the Bab El Mandeb corridor, 30 vessels crossed the route, down from 41 on July 31. Of these, 20 vessels exited the Red Sea and 10 entered. Dark transit activity declined to one vessel, improving tracking visibility, although sanctions risks and exposure linked to Houthi activity remain concerns.Kpler said the diplomatic situation remains uncertain, adding that until signals from the United States, Iran and Oman align on clear navigation arrangements, shipping operators should continue treating both chokepoints as contested areas rather than fully normalised routes.04:53 PM, 3 August 2026US signs deal to boost missile-interceptor productionThe US Defense Department said on Monday it had signed a framework agreement with defense contractors Lockheed Martin and Northrop Grumman to expand production capacity for missile-interceptor components, according to ReutersThe Pentagon did not disclose the financial value of the agreement or provide further details on its scope.03:51 PM, 3 August 2026Oil prices slide on hopes of deal to end Mideast warOil prices tumbled Monday after US President Donald Trump said he was preparing for new talks with Iran aimed at ending the war in the Middle East, which also helped lift stocks.Crude futures slid more than six percent, even though Iran denied that any negotiations were taking place.The yen meanwhile surged against the dollar after US and Japanese authorities confirmed Monday that they had bought Japan's currency on the open markets after months of weakness.But while a weaker yen helps big exporters like Sony or Toyota, it also inflates import costs for Japan, and the main Japanese stock index fell nearly one percent on Monday.On currency markets, the dollar traded mixed, rising against the pound and the euro but down sharply against the yen after the rare joint US-Japan intervention.The yen soared late last week after wallowing near its weakest dollar level since 1986, hit by higher US interest rates, rising oil prices and persistent capital outflows from Japan.Despite falling on Monday, oil prices remain well above levels seen before the United States and Israel launched strikes against Iran, sparking a war that has sharply curtailed Gulf exports of oil and other key products.The decline in oil prices was aided by an agreement between Saudi Arabia, Russia and five other OPEC+ members to boost production by 188,000 barrels a day from September, analysts said.12:23 PM, 3 August 2026Yemen issue not linked to Iran war, says Baghaei