The White House has dismissed a report from Iranian state media suggesting a deal to ease tensions in the Strait of Hormuz, a key global shipping route.
The denial comes amid ongoing negotiations between the U.S. and Iran, which have faced internal resistance within the Trump administration.
The Strait of Hormuz remains a focal point for global trade, with nearly 20% of the world's oil passing through the narrow waterway.
This development heightens uncertainty for maritime trade and energy flows through the region.
Energy markets reacted swiftly to the news, with U.S. crude oil prices dropping 6% earlier in the day following a report that Iran planned to restore traffic in the strait within a month.
However, the White House's denial has reintroduced volatility, with traders recalibrating risk assessments for shipping routes and energy supply chains.
The Strait of Hormuz remains a focal point for global trade, with nearly 20% of the world's oil passing through the narrow waterway.