(Bloomberg) — US President Donald Trump is showing signs of frustration at a lack of progress in negotiations to end the 10-week war with Iran, as the Strait of Hormuz remains all but closed to vital energy supplies and oil prices continue to rise.<\/p>\n
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Trump told reporters on Monday that the response from Tehran to his latest offer was a \u201cpiece of garbage\u201d and the ceasefire is on \u201clife support.\u201d But he fell short of threatening to resume military attacks, instead saying a diplomatic solution is \u201cvery possible.\u201d<\/p>\n
Iran\u2019s capitulation is \u201cjust a question of time\u201d and the US doesn\u2019t have to rush, Trump told the Sid & Friends In The Morning radio show on Tuesday.<\/p>\n
But Tehran has given no indication that it\u2019s willing to back down or budge on its key demands, which include the end of the US Navy\u2019s blockade of Iranian ports, sanctions relief and maintaining a degree of control over traffic through Hormuz, according to a person familiar with the matter.<\/p>\n
Brent crude climbed 4% to trade above $108 a barrel on Tuesday, as the impasse prolongs the disruption of crude flows through the strait.<\/p>\n
\u201cThe US and Iran remain too far apart for a deal,\u201d Bloomberg Economics\u2019 Dina Esfandiary and Becca Wasser said. \u201cIf neither side is willing to make concessions, then a lasting peace deal will remain elusive, sporadic increases in intensity and protracted war the most likely scenario.\u201d<\/p>\n
Trump is set to meet Chinese President Xi Jinping in Beijing on Thursday and is expected to address the country\u2019s approach to Iran, according to a US official who briefed reporters ahead of the trip. As the buyer of the bulk of Iran\u2019s crude, China is in a unique position to exert some diplomatic sway and the meeting may provide a test as to its willingness.<\/p>\n
The visit is taking place with Trump under economic and political strain, as high fuel prices threaten to hit Republicans in the November midterm elections. Trump said Monday he\u2019ll seek a gasoline tax holiday to ease some of the burden on consumers, but it was unclear how much of the cut would be reflected at the pump. The measure would cost the country billions of dollars a month.<\/p>\n
Defense Secretary Pete Hegseth was questioned by lawmakers on Tuesday over the growing costs of the Iran war, as part of a hearing on the administration\u2019s unprecedented request for $1.5 trillion in defense spending for fiscal 2027. He refused to provide a breakdown of costs and offer any clarity on operational plans.<\/p>\n
\u201cWe have a plan to escalate if necessary, we have a plan to retrograde if necessary, we have a plan to shift assets,\u201d Hegseth said, saying he didn\u2019t want to offer those details in a public setting.<\/p>\n
Jules Hurst, the Pentagon\u2019s acting comptroller, told lawmakers the estimated cost of the war is now closer to $29 billion, higher than his previously calculated $25 billion price tag \u2014 a figure questioned as unrealistically low.<\/p>\n
Traffic through the Strait of Hormuz remains broadly halted, with sporadic attacks on tankers keeping shipowners wary of attempting to exit the Persian Gulf. Qatar is asking ships at its main liquefied natural gas export facility to turn off their transponders, according to people familiar with the matter, with one calling it a safety measure. A cargo ship was targeted by a drone in Qatari waters last week.<\/p>\n
The United Arab Emirates retaliated against Iranian attacks on its territory earlier in the war, according to people familiar with the matter, coordinating with Israel as the two countries deepen security ties. The UAE, one of only a few Arab countries to formally recognize Israel, was targeted by Iran more than any other country in the region.<\/p>\n
On Tuesday, Washington\u2019s Ambassador to Israel, Mike Huckabee, said Israel had sent Iron Dome missile defense batteries to the UAE during the war, along with personnel to operate them.<\/p>\n
Here\u2019s more related to the war:<\/p>\n
The spokesman for the Iranian parliament\u2019s commission for national security and foreign policy said the country is considering the option of raising uranium enrichment to 90% if it\u2019s attacked again, the semi-official Fars news agency reported. Any decision to enrich uranium to weapons-grade level would require approval from the Islamic Republic\u2019s top leadership.<\/p>\n
The US said it\u2019s releasing additional barrels of oil from its strategic reserves to help tame surging prices.<\/p>\n
The main natural gas plant supplying fuel in the UAE will only return to full capacity next year. The Habshan facility is operating at about 60% capacity and aims to reach 80% by the end of this year, Adnoc Gas Plc said.<\/p>\n
An oil supertanker that exited the gulf on Sunday hauling a cargo of Iraqi crude appears to have stopped shy of the US blockade line and turned back into the Gulf of Oman.<\/p>\n
–With assistance from John Bowker.<\/p>\n
(Updates with Trump comments in third paragraph, Hegseth in ninth.)<\/p>\n
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\u00a92026 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"(Bloomberg) — US President Donald Trump is showing signs of frustration at a lack of progress in negotiations…\n","protected":false},"author":2,"featured_media":110513,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[29142,1824,38,34,196,261,772,27966,101,69],"class_list":{"0":"post-110514","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tehran","8":"tag-becca-wasser","9":"tag-bloomberg","10":"tag-donald-trump","11":"tag-iran","12":"tag-iran-war","13":"tag-oil-prices","14":"tag-pete-hegseth","15":"tag-president-xi-jinping","16":"tag-strait-of-hormuz","17":"tag-tehran"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116562745316198793","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/110514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=110514"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/110514\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/110513"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=110514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=110514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=110514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}