US President Donald Trump on Monday said the new round of talks between Washington and Tehran is the “last chance” for Iran to strike a deal and put an end to the escalation of US strikes on the country.Trump said he expected the negotiations to begin in the next one or two days to reopen the Strait of Hormuz and create an avenue for Iran to address the US’s concerns regarding its nuclear programme. “The first phase is the opening of the straits. The second phase will be the denuclearisation. And that will take a little while,” Trump told the reporters at the Oval Office. Reiterating that he was running out of patience, Trump said: “This is the last chance for them to sign a good document.”Where do the talks stand?What Iran saidMohsen Rezaei, a top Iranian military adviser, has warned US “vessels and forces will face serious risks and casualties” if the naval blockade imposed by Washington on Iranian ports continues.Meanwhile, Iran is in talks with Oman, planning to create of a temporary route through the strait to allow commercial shipping to resume, but is not yet up for talks with the US, Tehran’s foreign ministry Esmail Baghaei said earlier on Monday.Baghaei denied Trump’s claims that the talks between the two sides could restart as early as Monday. “We are not currently negotiating with the United States,” he stated.This comes after Trump claimed that he paused the launch of the biggest attack on any country “since World War II” over the weekend after Saudi Arabia’s crown prince Mohammed bin Salman called him, urging diplomacy. Trump said the cancellation depends on Iran securing a deal quickly.What is Pakistan’s role?Pakistan, which has been acting as a mediator, has urgently invited top Iranian negotiators to Islamabad, probably in a push to renew the stalled Iran-US talks.Story continues below this adOver a phone meeting, Pakistan’s Deputy Foreign Minister Mohammed Ishaq Dar late on Monday requested Araghchi’s presence at his “earliest convenience.” Similarly, Pakistan’s National Assembly Speaker Ayaz Sadiq has also invited Tehran’s chief negotiator Bagher Ghalibaf to Islamabad this week, Al Jazeera reported, citing a government source telling Anadolu.Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar @MIshaqDar50 spoke today with the Foreign Minister of Iran, Seyyed Abbas Araghchi.They exchanged views on regional and international developments, including the deteriorating situation in Occupied East… pic.twitter.com/KHA2I5OctV— Ministry of Foreign Affairs – Pakistan (@ForeignOfficePk) August 3, 2026Pakistani and Qatari negotiators are working to fix a meeting date and venue with both sides, reported Anadolu.What Trump said about Iran’s behaviourTrump on Monday took to his social media to call the Iranian leadership “unbelievably duplicitous”.“They ask for a meeting, some would say ‘beg’, talks begin, with more scheduled in the immediate future, and they say, openly and proudly, that they’re not having any discussions, that nothing is being talked about, and they’re only dealing with ‘Oman’. They then go on to give their usual blather in saying the Strait of Hormuz will be operated powerfully by them, when it is already completely controlled by the United States Navy and our ‘Blockade’,” he wrote.Where are oil prices standing todayOil prices surged 1 per cent on Tuesday after a drop in the previous session, riding on the concerns that Middle East supply chain stands dirupted as a diplomatic resolution to the US-Iran war still seems uncertain. Brent futures shot up $1.02, or 1.2%, to $84.79 a barrel by 0632 GMT. US West Texas Intermediate (WTI) crude rose 46 cents, or 0.6%, at $80.80 a barrel