Iran vows to combat on, oil costs surge as Trump rejects peace proposal as “unacceptable”

The CEO of Saudi Arabia’s state-owned power big Saudi Aramco, Amin al-Nasser, issued a stark warning Monday that the continued gridlock of delivery by the Strait of Hormuz brought on by the U.S.-Israeli warfare with Iran had already introduced the largest shock international power markets had ever seen, and that it might nonetheless worsen.

“The present power provide shock is the most important the world has ever witnessed,” al-Nasser advised Saudi Arabia’s state-run Al-Arabiya community.  

Already, he stated an “unprecedented provide lack of a couple of billion barrels of oil” had been brought on by the warfare, including that “if the present disruptions proceed at this charge, the market will lose round 100 million barrels for each week the Strait of Hormuz stays closed.”

If that occurs, al-Nasser stated it might take international power markets till 2027 to return to pre-war ranges. Even when the strait have been to reopen tomorrow, he stated it could nonetheless take months for markets to stabilize.

Tens of hundreds of thousands of individuals might face starvation and hunger if fertilizer shipments are usually not quickly allowed by the Strait of Hormuz, the pinnacle of a United Nations activity pressure aimed toward averting a humanitarian disaster advised the French information company AFP on Monday.

“We’ve just a few weeks forward of us to forestall what is going to seemingly be a large humanitarian disaster,” Jorge Moreira da Silva, govt director of the U.N. Workplace for Mission Providers (UNOPS) and chief of the duty pressure, advised AFP. “We might witness a disaster that can pressure 45 million extra folks into starvation and hunger.”

Hopes for a long-lasting peace deal took successful Sunday when President Trump dismissed Iran’s response to the newest U.S. ceasefire proposal as “completely unacceptable.” 

Iran has gridlocked delivery by the Strait of Hormuz, which serves because the gateway to the Persian Gulf and its main oil and fuel producers, by finishing up and threatening vessels within the area in response to the joint assaults launched on Feb. 28 by the U.S. and Israel.

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Indian Prime Minister Narendra Modi has urged folks within the nation to make money working from home and save gasoline because the U.S.-Israeli warfare with Iran retains international power costs excessive.

“We labored from dwelling in the course of the COVID-era … the tough time calls for we restart it now,” Modi stated throughout a public assembly Sunday within the southern Indian metropolis of Hyderabad, which is dwelling to a number of international tech corporations. “Will probably be within the nation’s curiosity.”

Modi linked his enchantment on to the Center East disaster, and he strongly urged residents to take a lot of different austerity measures, “in these tough instances.”

Modi urged folks to make use of public transport or carpool wherever doable to avoid wasting gasoline, and to keep away from overseas journey and overseas weddings for a 12 months – even to halt shopping for gold for a 12 months – all within the curiosity of public funds.

“Gas has turn into so costly all around the globe, the costs have risen a number of folds. It is our obligation to avoid wasting the overseas alternate that is spent on shopping for petrol and diesel,” Modi stated.

“Patriotism will not be solely in regards to the willingness to sacrifice one’s life on the border. In these instances, it’s about residing responsibly and fulfilling our duties to the nation in our each day lives,” he stated.

India imports about 90% of its crude oil, and the Iran warfare has despatched nationwide gasoline bills hovering because the Strait of Hormuz stays successfully closed. 

Iran’s overseas ministry spokesman criticized the pinnacle of the United Nations’ Worldwide Atomic Power Company on Monday and stated it was the U.S.-Israeli strikes on his nation that had ended the IAEA’s monitoring of Iranian nuclear websites.

Requested throughout a each day briefing whether or not Iran would give the IAEA entry once more to the nation’s nuclear services, which have been significantly broken in assaults by the U.S. and Israel in June 2025, ministry spokesman Esmaeil Baqaei accused the U.N. company’s director basic, Rafael Grossi, of straying “from his technical {and professional} mandate.”

“What can restore the Company’s standing is for the Director Common and the IAEA to right away condemn the unlawful actions of the US and the Israeli regime in opposition to Iran’s nuclear services, and to make sure that such incidents are usually not repeated sooner or later,” stated Baqaei. “Iran’s peaceable nuclear services have all the time been beneath steady IAEA inspection. What disrupted these inspections was the unlawful assault by the US and the Israeli regime. It is a actuality the IAEA Director Common should consider.”

Iran’s oil minister acknowledged Monday that the business has “confronted challenges” as a result of U.S. blockade of Iranian ports and vessels, however he claimed countermeasures taken by the federal government meant “manufacturing didn’t lower.”

“Our manufacturing did not lower and the ‌export course of was favorable,” insisted Mohsen Paknejad in an interview with Iranian state TV, whereas admitting there have been some hurdles.

“Naturally, within the days following the [U.S.] blockade, we have now confronted ‌challenges, however ‌measures have been taken ⁠and this ‌course of continues,” he stated, providing no specifics.

Paknejad dismissed stories of injury to the nation’s oil wells as “unrealistic fantasies.”

Oil costs surged once more Monday after President Trump rejected Iran’s response to the newest U.S. peace proposal as “completely unacceptable.”

A number of liquid pure fuel (LNG) tankers and different vessels have transited the Strait of Hormuz over the weekend, following a number of days of no seen actions in or out of the strait.

The Qatari-flagged LNG tanker Al Kharaitiyat transited the strategic waterway on Saturday and was headed to Pakistan. 

The Reuters information company stated it was the primary Qatari LNG tanker to make the journey for the reason that warfare started, and that the gasoline cargo was licensed by Iran in a bid to spice up confidence with each Pakistan, which has acted as a mediator within the warfare, and Qatar.

The supertanker Agios Fanourios I transited the strait on Sunday, monitoring knowledge present, and Iran stated it had accomplished so in coordination with its authorities. One other tanker, the Kiara M, linked to Russia’s shadow fleet, out of the blue re-appeared off the Omani coast on Sunday, east of the strait, after final being seen on Could 6 within the northern Persian Gulf. 

The British navy’s Marine Visitors Operations heart beforehand stated no tanker actions had been tracked between Could 6 and eight, and that no cargo vessels have been identified to have transited between Could 6 and 9. 

Iran calls for that every one vessels wishing to transit the strait accomplish that in coordination with its navy, which is believed to be charging tolls for passage.

President Trump says Iran’s leaders “are defeated, however that does not imply they’re accomplished,”

In remarks aired Sunday on whether or not fight operations in opposition to Iran had been concluded, Mr. Trump stated: “They’re defeated, however that does not imply they’re accomplished.”

“We might go in for 2 extra weeks and do each single goal,” he stated. “We’ve sure targets that we wished, and we have accomplished in all probability 70% of them, however we have now different targets that we might conceivably hit.”

The president dismissed Iran’s phrases for a possible peace deal as “completely unacceptable” Sunday. Iran stated Monday that it requested just for the nation’s “professional rights” and no “concessions” in its response to the newest U.S. peace deal proposal.

The parallel warfare between Iranian-backed Hezbollah and the Israeli navy continued over the weekend and into Monday, with the Israel Protection Forces warning extra civilians to evacuate their villages because the dying toll in Lebanon nears 3,000.

The violence has continued regardless of a ceasefire signed by the Lebanese and Israeli governments a month in the past, and the preventing has difficult efforts to dealer a wider peace deal between Washington and Tehran.

On Monday, Hezbollah launched video purportedly exhibiting strikes on IDF troops in southern Lebanon, with the Iranian proxy group claiming a number of “confirmed hits.” 

IDF spokesperson Avichay Adraee, in his newest pressing warning to Lebanese civilians through social media, advised residents of 9 villages within the nation’s south to evacuate their houses. 

An IDF strike on a village the place residents acquired no such warning killed eight members of the identical household on Saturday, in line with the New York Occasions. On Sunday, a whole bunch of mourners gathered within the coastal city of Sidon for the household’s funerals. Among the many useless have been a pair, three of their kids, and a 6-month-old grandchild, in line with the Occasions. 

IDF and Hezbollah strikes have intensified in current days. Greater than 450 folks in Lebanon have been killed for the reason that ceasefire was signed. Israeli officers say 18 navy personnel and two civilians have been killed for the reason that preventing with Hezbollah escalated originally of March. 

Lebanon’s Ministry of Public Well being says no less than 2,846 folks have been killed since March 2, whereas greater than 1 million have been compelled to flee their houses.

Israeli Prime Minister Benjamin Netanyahu says the joint warfare that his nation and the U.S. launched on Feb. 28 has “achieved an excellent deal, but it surely’s not over.”

Netanyahu advised CBS Information’ Main Garrett for an interview with 60 Minutes that the warfare can’t be over, “as a result of there’s nonetheless nuclear materials, enriched uranium that needs to be taken out of Iran. There’s nonetheless enrichment websites that need to be dismantled. There are nonetheless proxies that Iran helps. There are ballistic missiles that they nonetheless wish to produce. Now, we have degraded quite a lot of it. However all that’s nonetheless there, and there is work to be accomplished.”

Learn extra right here. 

Iranian ‌President Masoud ⁠Pezeshkian stated Sunday that the nation would “by no means bow all the way down to the enemy,” vowing that the ruling Islamic Republic regime would “defend nationwide pursuits with energy.”

“If discuss of dialogue or negotiation arises, it doesn’t imply give up or retreat,” he stated in a message posted on social media earlier than President Trump rejected Iran’s response to the newest U.S. peace proposal. 

“The purpose is to uphold the rights of the Iranian nation and to defend nationwide pursuits with resolute energy,” stated Pezeshkian.

Iran is ready to combat “each time it’s needed,” overseas ministry spokesperson Esmail Baqaei stated Monday, including that the regime would additionally proceed utilizing diplomacy, “each time we deem it acceptable.”

Chatting with reporters Monday, Baqaei was requested how Iran would reply if the U.S. have been to launch new assaults on the nation.

‘We combat each time it’s needed,” he stated. “Every time we deem it acceptable, we use diplomacy as a software to safe the pursuits of the Iranian nation.”

Baqaei stated Iran had “proven that it’s critical about pursuing its nationwide pursuits and bonafide rights” by a “diplomatic processes in good religion and in an inexpensive method.”

“The opposite facet should show itself,” he stated, referring to the U.S. “It should display that it’s critical on this regard. Thus far, it has failed.”

He earlier stated Iran had not demanded any concessions in its response to the newest U.S. peace proposal: “The one factor we demanded was Iran’s professional rights.”

President Trump dismissed Iran’s response on Sunday as “completely unacceptable.” 

President Trump is predicted to fly to Beijing on Wednesday for a summit along with his Chinese language counterpart Xi Jinping, and the Iran warfare is prone to be on the agenda.

Mr. Trump is beneath mounting strain to finish the warfare and calm power markets which have despatched gasoline costs spiraling upward for 2 months. He is anticipated to attempt to lean on President Xi to make use of his affect with Tehran to get them to comply with a deal.

“I might count on the president to use strain” over Iran, a senior administration official talking on situation of anonymity advised reporters Sunday, in line with the French information company AFP. The official stated Mr. Trump had raised issues about China persevering with to bolster state coffers in Iran and Russia by buying oil – regardless of U.S. sanctions – “a number of instances” throughout telephone calls with Xi, in addition to China’s gross sales of military-civilian dual-use items.

“I count on that dialog to proceed,” the official stated.

U.S. sanctions in opposition to Chinese language entities over the Iran warfare are additionally prone to come up, the official advised AFP.

Iran’s overseas ministry spokesperson Esmail Baghaei voiced hope on Monday that China would as an alternative use the go to to bolster Tehran’s positions and push again on U.S. calls for for a peace settlement.

“Our Chinese language mates know very effectively find out how to use these alternatives to warn in regards to the penalties of the U.S.’ unlawful and bullying actions on regional peace and safety,” he stated, “in addition to on financial stability and worldwide safety.”

CBS/AFP

Iran’s Overseas Ministry stated Monday that it had known as for an finish to the warfare throughout the area and the discharge of frozen Iranian belongings overseas in its response to the newest U.S. peace proposal, which President Trump rejected on Sunday.

“We didn’t demand any concessions. The one factor we demanded was Iran’s professional rights,” stated ministry spokesman Esmaeil Baqaei stated Monday throughout a weekly briefing.

He stated Tehran’s calls for included “an finish to the warfare within the area,” ending the U.S. naval blockade of Iran’s ports and vessels, and the “launch of belongings belonging to the Iranian folks, which have for years been unjustly trapped in overseas banks.”

Mr. Trump on Sunday rejected the Iranian response as “completely unacceptable.”

“Our focus is on what’s pressing,” Baqaei stated Monday. “What’s pressing is ending warfare in all its kinds, together with in Lebanon.” 

Baqaei stated Iran was additionally eager to make sure “protected maritime navigation within the Persian Gulf and the Strait of Hormuz” whereas “stopping unlawful actions and acts of maritime interference by the US in opposition to business vessels.”

Iran’s method is, he stated, “very accountable and affordable … to prioritize speedy points and concentrate on resolving them, relatively than discussing matters whose historical past reveals they’ve, on no less than two events, led to warfare.”

The Trump administration has insisted thus far that any peace deal embrace a dedication by Iran to severely curb, if not utterly finish its nuclear enrichment program.

CBS/AFP

President Trump branding Iran’s phrases for ending the Center East warfare “completely unacceptable” raised the potential for renewed hostilities and despatched oil costs sharply greater in early Asia commerce on Monday.

President Trump stated on his Fact Social platform that he “simply learn the response from Iran’s so-called ‘Representatives.’ I do not prefer it — TOTALLY UNACCEPTABLE!”

World power markets have been unnerved with no indication of an imminent settlement to finish the warfare and to reopen the delivery lanes of the Strait of Hormuz. The value of a barrel of worldwide benchmark Brent crude was again above $100 a barrel early Monday.

The benchmark U.S. oil contract West Texas Intermediate additionally surged again towards the $100 a barrel mark forward of Monday morning commerce, as buyers braced for additional disruptions to provides by the strait, the place Tehran has imposed a close to whole blockade.

CBS/AFP

The shaky ceasefire in the Iran warfare was examined once more Sunday when a drone triggered a small fireplace on a ship off the coast of Qatar, whereas the United Arab Emirates and Kuwait reported drones getting into their airspaces.

The UAE blamed Iran for the newest assault, the newest menace to a month-old ceasefire, which the Trump administration says continues to be in impact.

There have been no casualties reported, and nobody instantly claimed duty.

CBS/AP