Trump has fumbled another peace deal with Iran as oil prices continue to rise and push Americans into financial upheaval.
According to a senior Iranian official, the United States and Iran have had no progress in their talks to end the war in the Gulf. There was a 60-day interim deal that was agreed to in June that would have led to an “immediate and permanent termination of miliary operations on all fronts,” but by July 7, Trump had called it off.
The United States has accused Iran of not honoring a deal to reopen the Strait of Hormuz. Tehran has said that the White House has reneged on its commitments, including releasing frozen Iranian assets and lifting a blockade of Iranian ports.
“One of the issues that is being discussed via mediators is the U.S. returning to the interim agreement and defining a time frame for implementing the commitments. There has been absolutely no progress on this issue,” said an Iranian source.
Although the current U.S. president has said that the United States has “total control” over the Strait of Hormuz, the Persian Gulf Strait Authority said it remains blocked until Iran’s conditions are accepted.
While Trump claimed on Truth Social that Iran is “all talk and no action,” he has gone between threatening the country with more violence and claiming multiple times that a peace deal is on the way. Last week, Secretary of the Treasury Scott Bessent told CNBC that a new deal on Hormuz would come soon, yet that hasn’t happened either.
Instead, Trump ramped up his rhetoric and demanded that Iran pay reparations to the United States.
Now, as talk of an extension abounds, Iran has made it clear that there is no such offer on the table.
“There is no talk of an extension because, from Iran’s perspective, there is no period that began and therefore nothing to extend. The United States violated the interim agreement 48 hours after it was reached and withdrew from it a few days later,” the source told Reuters.
Meanwhile, the unauthorized conflict has caused an economic burden on Americans. Oil prices rose on Tuesday after Iran made it clear that Washington must meet Tehran’s conditions for the Strait of Hormuz to be reopened. Prices have risen more than 6% this week after news of yet another stalled deal between the U.S. and Iran.
Additionally, oil stockpiles have dipped below 300 million barrels. According to the Department of Energy, that is the lowest level in more than four decades.
