Commercial traffic through the Strait of Hormuz has fallen to roughly 12 vessels per day from a pre-conflict norm of about 130, a decline of more than 90% or approximately 118 vessels daily. The disruption contrasts with President Donald Trump's August 27 description of the waterway as "very functioning" and his statements that the United States had cleared mines and controlled the strait; he reiterated on August 28 that Washington would not resume talks with Iran. An oil tanker was struck by an unidentified projectile on August 27. Iran says it will not fully reopen the strait until the United States lifts sanctions and ends what Tehran calls a blockade of Iranian ports. The dispute has stalled a June, 14-point memorandum mediated by Pakistan and Qatar that linked an end to hostilities, reopening Hormuz, removal of a US naval blockade and a 60-day negotiation process to broader commitments. Mohsen Rezaei said Iran had broken the blockade during a ceasefire and exported 70 million to 80 million barrels, while Treasury Secretary Bessent said the United States guided 130 million barrels through Hormuz in 14 days and that Iranian crude output was zero; the figures were not reconciled and may cover different periods or measures. Brent crude rose above $91 a barrel in mid-August, while October WTI later settled at $83.53 and December gold at $4,664.00 as markets assessed prolonged supply and escalation risks. Iran and Oman held talks on territorial and revenue-sharing issues without reaching an agreement by late August.