Iran says route through Hormuz agreed with Oman, but deal yet to be finalised

President Donald Trump urged Americans to accept slightly higher gasoline prices during a political rally in New York on Friday, as tensions between the US and Iran continue to escalate. Trump stated that paying a "tiny little bit more for your gasoline" would be worth the cost of preventing an "evil" country from acquiring nuclear weapons.

He also claimed he would declare the Strait of Hormuz "a territory of the United States" following a potential US victory over Iran. However, progress towards a ceasefire has stalled, with Iran refusing to resume talks with the US. Iran's deputy foreign minister, Kazem Gharibabadi, called on the US to accept the "reality of defeat" and stop engaging in "fantasies" as the crisis over the strategic waterway deepened.

Iranian foreign minister Abbas Araghchi said Iran has not decided to resume talks with the US and insisted the Strait of Hormuz would only be reopened under Iran's command. The stalled negotiations have led to inflation and dissatisfaction among American voters, with the average price of a gallon of gasoline reaching $4.08, a 29% increase from the previous year.

Crude oil futures saw a rise of $1 per barrel, with Brent and West Texas Intermediate futures also experiencing significant gains. Despite Iran's defiant stance, its economy is also grappling with the impact of the conflict, with Iranian President Masoud Pezeshkian attributing high inflation to the US blockade of the country's ports and sanctions on oil exports.