President Donald Trump issued what he called a "last chance" ultimatum to Iran on Monday, even as Tehran flatly denied that direct negotiations were taking place and a separate Reuters report revealed the United States had used virtually all of its long-range precision missiles during the five-month conflict. The stark warning came amid rising oil prices and continued disruptions in the Strait of Hormuz, where U.S. forces have redirected dozens of commercial vessels and another ship was struck Monday.
Trump told reporters in the Oval Office late Monday that talks were "going on right now" at the request of Iran, Saudi Arabia, the United Arab Emirates, Qatar and others. In an earlier Truth Social post, he described Iran's leaders as "unbelievably duplicitous" and accused them of lying about peace talks that were underway, "whether Iran wants to admit it or not." He added, "This is a last chance for them to sign a good document."
Iran Denies Direct Talks
Iranian foreign ministry spokesperson Esmail Baghaei rejected the idea of direct negotiations with the United States at a press conference Monday. He said there's no immediate plan for negotiations with the U.S. and that Tehran is currently only engaged in talks with Oman regarding the Strait of Hormuz. Iran's President Masoud Pezeshkian said Tuesday that Tehran would continue to defend its borders but didn't seek an expansion of the conflict, according to state media reports.
The conflicting statements sent oil prices higher Tuesday as traders grew less confident that a diplomatic solution was in sight. West Texas Intermediate futures were up 2.09% at $82.02 per barrel as of 4:53 a.m. ET, while Brent crude, the international benchmark, was up 2.8% at $86.11 a barrel. Analysts at Goldman Sachs said in a Tuesday note that traders were pricing "only a moderate risk premium despite still very high uncertainty about Mideast supply." They added, "We assume Brent stays in its $80-90 range until either a confirmation of a new U.S.-Iran deal or a significant escalation in attacks and targets."
Hormuz Disruptions Continue
U.S. Central Command said Monday it had redirected 44 commercial vessels as part of its ongoing blockade of the Strait of Hormuz, having disabled two and boarded two. CNBC said traffic through the strait remained largely slow, with six vessels — three tankers and three bulk carriers — transiting Monday, down from seven the previous day. The outlet also said a ship was struck in the Hormuz Strait, adding to regional tensions and the sense that diplomacy had stalled. An Iraqi pro-militia outlet, Naya, reported late Monday that an explosion in Kuwait overnight could be heard in Basrah Province.
Military Readiness Concerns
Reuters reported separately that the United States had used virtually all of its long-range precision missiles in the five-month war with Iran, raising concerns about military readiness for future conflicts. The depletion of America's precision strike capability comes as diplomatic efforts appear increasingly uncertain, leaving the administration with fewer military options should the conflict escalate further. The weapons shortage underscores the human and material costs of a prolonged military engagement that has disrupted global energy markets and strained international shipping routes critical to the world economy.
Why This Matters:
The near-total depletion of U.S. long-range precision missiles reveals the unsustainable costs of prolonged military conflict, raising urgent questions about America's readiness to respond to other global threats. Workers in the global shipping industry face continued danger as vessels navigate the Strait of Hormuz under military blockade, while rising oil prices threaten to burden working families with higher costs at the pump and increased inflation. The diplomatic impasse leaves millions of people across the region vulnerable to further escalation, with no clear path toward the multilateral negotiations needed to end a conflict that's already lasted five months. The administration's ultimatum approach, combined with depleted military resources, highlights the need for sustained diplomatic engagement rather than brinkmanship that could deepen a crisis affecting global energy security and regional stability.