Trump reportedly prepared to declare victory on Iran if Hormuz reopened

US President Donald Trump hinted on Sunday that he is prepared to let economic pressure gradually intensify against Iran, seemingly shifting away from ordering additional military actions, even as Tehran presents firm demands. According to Axios, which spoke with Trump over the phone, he stated, “We are low-keying it.” Just a week ago, Trump had issued one of his latest threats to target Iran severely, only to retract, as he seeks a resolution to the conflict he initiated along with Israel on February 28.

Axios reported that Trump did not express any dissatisfaction with Iran's postponement of an agreement to reopen the Strait of Hormuz. Iran has insisted that the US first cease its blockade of Iranian ports and abolish oil sanctions, as per the memorandum of understanding both nations signed in June. The strait's blockade since the war commenced has caused fuel prices to skyrocket and unsettled the global economy, exerting pressure on the Trump administration as mid-term elections in November approach.

Trump reportedly remarked, “We are only semi-negotiating with them. We are just watching Iran with its huge inflation and the fact they have no money.” He also remarked that oil prices are decreasing, thereby alleviating American consumers from the war's economic strain. Trump described US-Iran relations as a "chess game." Meanwhile, Iranian President Masoud Pezeshkian recently convened with Supreme Leader Ayatollah Mojtaba Khamenei, who has not been publicly seen since assuming office early in the Middle East war.

Khamenei's office disclosed that Pezeshkian, who assumed the presidency in July 2024, had discussed various issues, including the current military situation and future prospects. Pezeshkian reportedly stated in early May that he had met Khamenei, but the supreme leader's office did not provide any specific date at the time. Iranian media cited a Revolutionary Guards general as saying that images of Khamenei among the people and during meetings would be released "in the future," although no timeline was given.