Trump warns Iran of 'last chance' for deal, threatens military action

President Donald Trump issued a stark warning to Iran, stating that the nation has a final opportunity to strike a deal, and alluded to a potentially massive military response should negotiations falter. Trump described the current moment as "the last chance before it is too late," suggesting a significant military operation could follow if an agreement is not reached. However, Iran's Foreign Ministry spokesperson, Saeed Khatibzadeh, refuted claims of ongoing negotiations, asserting that discussions were confined to ensuring safe passage in the Strait of Hormuz. U.S. officials also indicated that no new direct talks were underway, adding to the confusion surrounding the actual state of diplomatic engagement. Trump revealed that he had canceled a planned strike against Iran, which he claimed would have been the largest in history since World War II, in order to give the Iranians "every last chance."

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This is the last chance before it is too late. This is the last chance for them to get a good deal done.

The president outlined a two-phase approach for any potential deal: the first phase would involve fully opening the Strait of Hormuz by the fourth day, and the second would focus on Iran's denuclearization. He acknowledged that denuclearization talks might take time. Trump also declared that Iran would not be permitted to impose tolls on commercial vessels transiting the Strait of Hormuz, stating, "If someone is going to charge a toll, it will be us."

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To avoid misunderstandings, let me be clear: we are not negotiating with the United States at this moment.

Analysts suggest that rising energy prices and political pressures leading up to the November midterm elections are compelling Trump to seek a diplomatic resolution rather than military escalation. U.S. gasoline prices surged over 30% following the U.S. and Israel's attacks on Iran. Consequently, international oil prices plummeted after Trump announced the cancellation of the airstrikes and his willingness to resume dialogue. Brent crude fell by approximately 5%, and West Texas Intermediate (WTI) dropped by over 6%. Trump publicly criticized major oil companies like ExxonMobil and Chevron, accusing them of profiting excessively from the conflict and high prices, and urged them to lower retail gasoline prices.

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The Iranian leadership is incredibly duplicitous. They asked for talks, some people say begged. We have talks going on, and yet they say we are not negotiating, we are only talking to Oman.

Despite Trump's assertions of ongoing dialogue, U.S. officials informed CBS News that no new negotiations were scheduled. They clarified that a U.S. negotiation team, including Middle East envoy Steve Wittekoff and Jared Kushner, was continuing indirect contact with Iran through intermediaries. This suggests that Trump's "ongoing dialogue" refers to these indirect discussions rather than formal U.S.-Iran direct talks. Iran's foreign ministry spokesperson reiterated that there were no negotiations with the U.S., only discussions regarding safe passage routes in the Strait of Hormuz. Iran and Oman are reportedly discussing a plan to consolidate the current north-south shipping lanes into a single circular route. Under this proposal, tankers and cargo ships would enter the Strait of Hormuz via Iran's northern waters, proceed to Iranian or Gulf ports, and exit through Omani waters on their return. However, Iran has indicated it has no intention of fully restoring the Strait's management system to pre-conflict conditions, even if negotiations are successful. Khatibzadeh stated in an earlier interview that the situation in the Strait of Hormuz "will never return to the state before the start of the attacks by the U.S. and Israel on February 28," highlighting a significant gap between U.S. demands for full opening and toll-free passage and Iran's position.

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The situation in the Strait of Hormuz will never return to the state before the start of the attacks by the U.S. and Israel on February 28.