Iran stopped exchanging messages with US negotiators Monday and threatened to fully seal the Strait of Hormuz, through which 20 million barrels of oil move every single day. Brent crude jumped more than 7 percent to $97 a barrel within hours. President Trump posted on Truth Social that Americans should "just sit back and relax."
What Iran Said Today
Iran's state-affiliated Tasnim News Agency announced Monday that Tehran is halting indirect negotiations with Washington in retaliation for ongoing ceasefire violations. The statement cited Israel's continued military operations in Lebanon against Hezbollah as the trigger. Iran's position: "No dialogue will take place" until Israel fully withdraws from Lebanon and stops all attacks in both Lebanon and Gaza.
Tasnim did not stop at freezing talks. The agency reported that "the resistance front and Iran have resolved to completely block the Strait of Hormuz and activate other fronts including the Bab al-Mandeb Strait, in order to punish the Zionists and their supporters."
"The resistance front and Iran have resolved to completely block the Strait of Hormuz and activate other fronts including the Bab al-Mandeb Strait." - Tasnim News Agency, June 1, 2026
What the Strait of Hormuz Is Worth
The Strait of Hormuz is the chokepoint through which roughly 20 million barrels of oil move every day, representing about 20 percent of global petroleum liquids consumption and 25 to 27 percent of all seaborne oil trade on the planet. Oil markets moved instantly: Brent crude surged past $97 a barrel after Tasnim's report, a jump of more than 7 percent.
Iran is also threatening the Bab al-Mandeb Strait, the southern chokepoint between the Arabian Peninsula and the Horn of Africa. Closing both would effectively cut the Gulf's oil exports off from global markets.
How We Got Here
On May 20, Trump announced on Truth Social that a peace deal with Iran was "largely negotiated" and would be "announced shortly." That announcement never came. In the days that followed, Trump tightened his demands: Iran must agree to never have a nuclear weapon, the Strait of Hormuz must be "immediately open" without tolls, and all highly enriched uranium must be destroyed. Trump told reporters that Iran would receive no sanctions relief in exchange for giving up its nuclear material. At a Cabinet meeting on May 27, Trump said Iran is "negotiating on fumes" and "they want very much to make a deal." The next day, the US conducted another military strike on Iran anyway.
The ceasefire, described as fragile since the day it was announced, has been violated repeatedly on multiple fronts. Iran now says those violations include Israel's continued war in Lebanon, which it considers part of the same conflict.
On Monday morning, as Iran halted negotiations and oil surged, Trump posted: "Just sit back and relax, in the end everything will work out fine; it always does."
Sources
- Iran stops negotiations with U.S., vows to 'completely' block Strait of Hormuz: State media - CNBC
- Iran halts ceasefire talks with US, says it will keep Strait of Hormuz closed - The Hill
- Trump Says 'Just Relax' as U.S. and Iran Trade Fresh Strikes - Time
- Trump: Sit Back and Relax, Iran Wants to Make a Deal - Iran Wire
- WATCH: Trump says Iran 'negotiating on fumes' - PBS NewsHour
- Strait of Hormuz: Critical Oil Chokepoint - U.S. Energy Information Administration
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