Free Republic

In a major setback to efforts to ease tensions in West Asia and reopen the Strait of Hormuz, Iran on Monday has ruled out any future negotiations with the Donald Trump’s administration, saying it will wait until the US President’s term ends on January 20, 2029, according to Iranian outlets and a post by an adviser to Parliament Speaker Ghalibaf.

Oil prices jumped about 5% Monday as doubt grew that the U.S. and Iran will reach a deal to increase ship traffic through the Strait of Hormuz. U.S. West Texas Intermediate futures climbed about 5% to close at $82.13 per barrel. Brent crude , the international benchmark, also settled around 5% higher at $87.72 a barrel. President Donald Trump told Axios on Sunday that the U.S. is “only semi-negotiating” with Iran, after he insisted last week that Washington and Tehran were in fact holding talks. Trump indicated that he would rely on the U.S. naval blockade to pressure Tehran rather...

President Trump signaled on Sunday that he's prepared to allow economic pressure on Iran to mount — as opposed to ordering a new military offensive — even as the country continues to defy the U.S. Why it matters: Only a week ago, Trump was on the verge of ordering a return to major combat operations. But in an interview with Axios, he did not make any new military threats. Trump also didn't express any anger or frustration about the fact that Iran has been holding up an announcement on a deal with Oman to reopen the Strait of Hormuz. On...