A two-week ceasefire to the Iran War is set to expire on Tuesday as Iran says they still have no plans yet to attend talks to negotiate a deal.
In an X post on Monday, Iranian Speaker of Parliament Mohammed Bagher Ghalibaf said that “Trump, by imposing a siege and violating the ceasefire, seeks to turn this negotiating table—in his own imagination—into a table of surrender or to justify renewed warmongering.”
“We do not accept negotiations under the shadow of threats,” he added.
President Donald Trump on Tuesday morning told CNBC’s Squawk Box that the U.S. and Iran are “going to end up with a great deal,” adding that Iran “ha[s] no choice” but to negotiate a peace deal. Asked about the possibility of extending the ceasefire, Trump said “I don’t want to do that. We don’t have that much time.”
Trump said that if a deal is not reached, the U.S. will renew its bombing campaign against Iran. “I expect to be bombing because I think that’s a better attitude to go in with,” Trump said, adding that the U.S. military was “ready to go.”
The Department of War said that it intercepted and commandeered another maritime “stateless sanctioned” vessel, M/T Tifani, in the Indo-Pacific region. In a statement, the Pentagon said that it “will pursue global maritime enforcement efforts to disrupt illicit networks and interdict sanctioned vessels providing material support to Iran—anywhere they operate.”
The Strait of Hormuz remained under Iran’s control, with 12 vessels reported passing through the waterway since Monday. Lloyd’s List reported Tuesday that at least 26 Iranian shadow fleet vessels have been able to bypass the U.S. blockade.
In a statement released on Tuesday, shipping giant Maersk said that because “full maritime certainty” could not be assured, “transit through the Strait should be avoided.”
The head of the International Energy Agency, Fatih Birol, said Tuesday the U.S.–Israeli war on Iran has triggered the worst energy crisis in history. The price of Brent crude rose above $96 per barrel on Tuesday morning as gas prices remained elevated. AAA reported the national average price of gas at $4.02.
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The Pentagon said Tuesday its $1.5 trillion fiscal 2027 defense budget request does not contain funds to replenish the billions in munitions expended on the Iran War, with a separate supplemental request expected.
“This budget was formulated obviously before we went into conflict with Iran,” said Jules W. Hurst III, the Pentagon’s acting top financial adviser. “There aren’t any operational costs in here from Iran.” Hurst said that the Pentagon has yet to finalize a figure on the total cost of damage done to U.S. installations overseas.
Trump said Tuesday the U.S. is weighing a currency swap with the UAE. The Wall Street Journal reported Sunday that the UAE Central Bank governor had floated the idea with Treasury Secretary Scott Bessent in Washington last week.
