Trump suggests ‘declaring’ Strait of Hormuz a U.S. territory, Iran rebuffs claim

Iran called on the U.S. to ​accept defeat on Saturday, while President Donald Trump blasted Tehran as “very evil” and told Americans to prepare for continued high fuel prices as a result of the war.

Progress towards ‌peace talks and oil tanker traffic through the strategic Strait of Hormuz remained halted, with no sign the warring parties were moving toward ending the conflict that the U.S. and Israel launched on Feb.28.

“This strait will be opened and closed only under Iran’s command, and so long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade,” Iran’s Deputy Foreign Minister Kazem Gharibabadi posted on X.

Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the U.S. He told Iranian news outlet Shahrara News in an interview published on ​Saturday that Washington must meet conditions on the strait in order for shipping to resume in the waterway that handled one-fifth of the world’s oil ⁠before the war.

Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.

He told a political rally in Garden City, New York, on Friday that paying “a tiny little bit more for your gasoline” is worth the cost of ensuring “a very evil country” could not have a nuclear weapon, one of his stated rationales for the war.

“After we finish defeating Iran … pretty soon I’ll be declaring the Hormuz Strait a territory of the United States,” said Trump.

Throughout the conflict, the president has alternated between threats of escalation and assertions that a peace deal is imminent.

In a trend that has sparked inflation and disappointed voters, the average U.S. price of a gallon of gasoline was about US$4.08 on Friday, up 29 per cent from a year earlier, according to the American Automobile Association.

Trump, a Republican, campaigned for reelection on a promise to lower energy costs, and Democrats are seeking to make the war’s fallout an issue in November congressional elections.

Crude oil futures rose US$1 a barrel on Friday. Benchmark Brent LCOc1 futures were on track for a weekly rise of 6.0 per cent and West Texas Intermediate CLc1 5.4 per cent.

Tehran, too, has stepped up its rhetoric in recent days as attempts to bring a permanent end to the war appear deadlocked.

“The Strait of Hormuz cannot be seized by a tweet or an aircraft carrier, by issuing an order or by delivering an election speech,” Gharibabadi said.

Despite Iran’s defiant tone, though, there were also signs of an economic toll there.