The U.S.-Iran ceasefire entered a particularly fragile phase on Monday, with Trump rejecting Tehran's latest peace overtures and saying the deal was "heavily on life support." Trump told reporters in the Oval Office on Monday that Iran's latest response was "a load of garbage" and that he "didn't even read through it."
Iran has asked Washington to lift its naval blockade and ease sanctions, while insisting on retaining some control over shipping in the Strait of Hormuz, a person familiar with the matter said.
Trump has not said whether the United States will resume military strikes against Iran, but he has previously threatened to take action if the Iranian leadership does not accept its conditions. He said earlier on Monday that he was considering resuming a convoy program to assist ships through the Strait of Hormuz.
According to Axios, three U.S. officials revealed that Trump will meet with his national security team on Monday to discuss the next steps in the Iran war, including the possible resumption of military operations, after negotiations with Iran reached an impasse on Sunday.
The development marks another setback for Trump in his efforts to end the war. The conflict triggered a global energy crisis and created serious domestic political risks for himself and the Republican Party.
"There's absolutely no pressure," Trump insisted on Monday, "and we're going to have total victory."
Oil prices rose as Trump said the ceasefire with Iran was hanging by a thread, with Brent crude above $104 a barrel as of 12:08 pm New York time. The government is considering using more measures to mitigate the impact of rising energy prices on consumers. On Monday, Trump expressed support for suspending the gas tax.
Tehran insists any deal must end the fighting immediately, including in Lebanon, where Israel is at war with Hezbollah, people familiar with the matter said.
On May 8, Trump spoke to the media on the South Lawn of the White House.
The standoff means the Strait of Hormuz remains a near-blockade, preventing Iran and other Persian Gulf countries from exporting energy through the waterway.
According to the semi-official Tasnim News Agency, Iran has deployed the "Ghadir" pocket submarine in the Persian Gulf as an "invisible guardian" of the Strait of Hormuz. This domestically produced submarine has the ability to launch anti-ship cruise missiles, which may exacerbate shipowners' concerns about transiting the strait.
An oil tanker carrying Qatari liquefied natural gas appeared to turn back after approaching the strait on Monday. However, some ships managed to get through, including a Qatari vessel.
The U.S. Navy incurs millions of dollars in additional costs each time it sends a destroyer through the waterway, which requires increased surveillance and support from fighter jets and helicopters.