Trump extends limited waiver of shipping law to keep oil flowing in U.S. amid Iran war

US President Donald Trump announced on Monday that he plans to seek financial compensation from Iran as part of future peace negotiations, citing historical attacks and atrocities allegedly backed or carried out by the Iranian government. Iran is requesting compensation for the damage inflicted during the ongoing five-month military conflict, with President Trump emphasizing that he is also demanding reparation for the lives lost and injuries sustained due to Iran's use of roadside bombs and other conflicts.

Following a pattern of threatening military retaliation against Iran, Trump recently hinted at a potential peace deal, but his latest remarks on Truth Social came a day after he mentioned that he was "low-keying" his approach to the conflict. This suggests that Trump might rely on economic sanctions instead of further military strikes.

The Axios digital media outlet reported that Trump did not express irritation with Iran's delay in agreeing to open the Strait of Hormuz in their interview published on Sunday. Tehran has insisted that the US must first end its blockade of Iranian ports and remove sanctions on its oil industry. As talks have failed to progress, Iran's blockade has led to a surge in fuel prices and instability in the global economy, putting pressure on Trump as he heads into the midterm elections in November.

In his post, Trump mentioned the bombing of the USS Cole in 2000 and stated that compensation should also be granted to the families of the hundreds of thousands of innocent protestors killed by Iran over the past 50 years. Trump instructed his representatives to include this demand in all future negotiations.