The price of Brent crude later eased back down to around $99, still showing a rise from the dip to $96 a barrel the previous day, when hopes were high after President Donald Trump had promised a U.S.-Iran peace deal was on the horizon.
The U.S. military on Monday night announced it had carried out “self-defense” strikes in southern Iran against targets including missile launch sites and boats attempting to lay mines.
While there was no immediate direct comment from Trump, the President posted an image of himself with the slogan “Peace Through Strength" Tuesday morning.
The warning followed reports from Iranian state media stating that American fighter jet strikes on Iranian boats killed four Revolutionary Guard troops.
Iran’s continued choke hold over the passage is strangling international markets and prompting concern that a global food crisis is incoming.
Iran’s semi-official Fars news agency rejected this framing, labeling Trump’s claim that a deal was close as "incomplete and inconsistent with reality."
Another option, he said, was for the “nuclear dust” to be “destroyed in place or, at another acceptable location, with the Atomic Energy Commission, or its equivalent, being witness to this process and event,” in conjunction and coordination with the Islamic Republic of Iran.
According to Iranian state media, Tehran is also pushing for the release of frozen overseas assets and for the Israeli strikes against Hezbollah in Lebanon to be halted as part of any agreement.
U.S. Secretary of State Marco Rubio said Tuesday that negotiations with Iran could still “take a few days,” tempering earlier expectations of a quicker resolution to the conflict.
“I think it’s a lot of talking back and forth going on about specific language in the initial document. So it’ll take a few days,” he said, insisting that Trump is “either going to make a good deal or no deal.”
“The straits need to be open, unimpeded, without tolls. And obviously that needs to happen immediately as soon as anything’s agreed to,” he argued.
The concept has been widely rejected by U.S. and global officials, including the U.K.’s Foreign Secretary, who argue Tehran should not have authority over the crucial shipping route and that free-flowing trade via the Strait is a non-negotiable must.
Iran delivers new warnings to U.S. in light of strikes
The IRGC also claimed its air defense systems had targeted a drone and a fighter jet that it said had entered Iranian airspace.
“The hand of time does not turn back, and the nations and lands of the region will no longer serve as shields for American bases,” he said, in a statement reported by Fars news. “America will no longer have a safe haven for mischief and the establishment of military bases in the region.”
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