Iran says it is working with Oman to establish a temporary arrangement allowing commercial shipping to resume through the Strait of Hormuz, while denying it is holding direct negotiations with the USA despite Donald Trump's insistence that talks are under way. Trump said he had postponed planned US strikes because agreements were close on both reopening Hormuz and addressing Iran’s nuclear programme. Tehran has rejected claims of direct negotiations with the USA, but confirmed discussions with Oman regarding the vital shipping route (the strait normally carries around one-fifth of the world’s oil and liquefied natural gas). Oil prices fell after Trump’s comments raised hopes of renewed diplomacy. However, previous ceasefire efforts and mediation attempts have repeatedly broken down.