Trump says Iran will face consequences after delayed peace talks

President Donald Trump said on Wednesday that Iran had taken too long to negotiate a peace agreement and would now have to "pay the price." In a post on his social platform, he described Iran's military as severely weakened, stating that its navy and air force were largely non-existent. The remarks were followed by a modest increase in crude oil futures, with U.S. July contracts rising about 2% to $89.72 a barrel and Brent August contracts up 1.3% to $92.74 a barrel, while U.S. stock futures fell.

Trump also used the platform to criticize media coverage, asserting that a U.S. naval blockade of Iranian ports was highly effective and that no shipments were getting through unless the United States allowed it. He suggested that Iran was unable to conduct business or meet its financial obligations and was on a path toward economic failure.

The statements came a day after the president indicated a potential deal could be reached within two or three days, which would lead to the immediate reopening of the Strait of Hormuz. Analysts at JPMorgan Chase have estimated that a significant volume of oil—potentially around 2 million barrels per day—may be moving through the strait on tankers that have disabled their tracking devices, a figure not reflected in public data.

U.S. Central Command confirmed that American forces carried out strikes against Iran on Tuesday in response to the downing of a U.S. Army Apache helicopter the previous day. CNBC sought comment from Iran's foreign ministry but had not received a response.