Trump says Iran will ‘pay the price’ as they’ve ‘taken too long’ to make a deal
US President Donald Trump said on Wednesday that Iran took too long to negotiate a peace deal and will now “have to pay the price.”
‘Iran’s military is a complete mess,’ president says in question In a post on Truth Social. “Most of them, like the Navy and the Air Force, don’t even exist anymore. They’ve been completely defeated. In Iran, it’s all talk, no action.”
Following Trump’s comments, oil prices rose and US stock futures fell.
U.S. crude oil futures for July delivery rose nearly 2% to $89.72 a barrel, and Brent futures, the international benchmark for August delivery, rose 1.3% to $92.74 a barrel.
CNBC has reached out to Iran’s foreign ministry for comment.
His comments came a day after Trump said a deal could be reached “within two or three days” and that the critical Strait of Hormuz would be reopened “immediately” following such an agreement.
In a subsequent post on Truth Social, Trump condemned the “Fake News Media” for refusing to report how EFFECTIVE the “US Naval Blockade was, the most successful Blockade in the history of Naval Warfare.”
He added: “NOTHING IS PASSING UNLESS WE WANT IT TO. IT’S A STEEL WALL! Iran does ZERO work, pays neither its military nor any bills, and is fast becoming a FAILURE NATION! Too much oil is coming out. Praise be to God!”
The United States attempted to pressure Iran into reaching an agreement by imposing a naval blockade of Iran’s ports and ships. According to analysts at JPMorgan, there may be more oil passing through Hormuz than is publicly visible.
According to estimates shared by the bank in its June 4 note, about 2 million barrels per day may be coming out of tankers that have turned off their transponders.
Tension escalated in the Middle East on Tuesday. US forces said US Central Command launched an attack on Iran “in response to the downing of a US Army Apache helicopter yesterday”.
Iran did not directly claim responsibility for shooting down the helicopter, and Iranian state broadcaster IRIB reported that no military military operations had been carried out in the strait in the last 24 hours.
— CNBC’s Spencer Kimball contributed to this report.
