Trump says no talks planned with Iran, Tehran says Strait of Hormuz still shut

DUBAI/WASHINGTON, Aug 18:  U.S. President Donald Trump said on Tuesday no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran's assertion that the critical waterway remained shut to shipping.

The receding prospects of a deal to end the nearly six-month conflict drove up oil prices again on Tuesday, while stock markets sagged and borrowing costs for major economies including the U.S. hit multi-decade highs, amid concerns about the long-term inflationary and fiscal impact of the crisis.

A temporary ceasefire agreement expired on Monday and a senior Iranian official told Reuters that his country was moving to a "fully offensive" military posture due to the diplomatic stalemate, though there were no reports of fresh strikes by either side on Tuesday.�"REUTERS