US-Iran peace prospects dim, Hormuz tensions rise

The prospects for peace in the Middle East suffered a fresh setback as President Donald Trump said he is in no hurry to end the war with Iran, and fighting flared anew in Lebanon. In a phone interview with Fox News, Trump stated that a U.S. naval blockade on Iranian ports is putting pressure on the country and that he has no timeline for resolving the conflict. He also warned that if Oman gets in the way, the U.S. would bomb it, a threat he had made previously. The Iran war has dragged on for nearly six months, and the memorandum of understanding signed in June, which technically expired Monday, was meant to provide a 60-day window for a lasting peace deal, but both sides have declared it defunct. Tensions over the reopening of the Strait of Hormuz have resurfaced hostilities, with Iran and Oman in parallel discussions over the strait's governance. Iran said a 'shipping map' has been finalized, but warned it may not lead to a reopening of the crucial maritime route. The price of Brent crude has gained more than 7% since the start of last week, rising to $89.68 a barrel on Monday, as prospects dimmed for a swift reopening of Hormuz. Over the weekend, Israel's military killed senior Hezbollah commander Abu Hassan Alaa in southern Lebanon, with eleven people dying in Israeli strikes on Saturday. Israel also struck Hamas in Gaza, the Houthis attacked ships in the Red Sea, and several vessels were hit by projectiles in the Strait of Hormuz. The renewed fighting complicates efforts to revive deadlocked U.S.-Iran negotiations. Trump has struggled to find an off-ramp to an increasingly unpopular war, and Treasury Secretary Scott Bessent said the U.S. is preparing to announce new economic measures on Tehran. Iran has used the lull to prepare for a broader confrontation, installing hard-line veterans and accelerating missile and drone production. Meanwhile, Jared Kushner is visiting the Middle East to accelerate a ceasefire in Gaza, meeting with Hamas chief Khalil al-Hayya in Egypt, while Hamas called on mediators to compel Israel to approve a road map for the truce.