U.S. President Donald Trump said Wednesday that Iran has taken too long to negotiate a peace deal and will now have to ‘pay the price,’ according to CNBC. ‘Iran’s Military is a complete and total mess,’ the president said in a post on Truth Social. ‘Much of it, like their Navy and Air Force, doesn’t even exist anymore – They have been completely defeated. Iran is all talk and no action.’

Market Reactions and Military Claims

Oil prices ticked higher and U.S. stock futures fell after Trump’s comments. U.S. crude oil futures for July delivery jumped nearly 2% to $89.72 per barrel and Brent futures, the international benchmark, for August delivery, rose 1.3% to $92.74 per barrel, according to CNBC.

In a subsequent post on Truth Social, Trump denounced ‘The Fake News Media’ for refusing to report how ‘EFFECTIVE the U.S. Naval BLOCKADE is, the most successful Blockade in the history of Naval Warfare.’ He added: ‘NOTHING GETS THROUGH unless we want it to. IT IS A STEEL WALL! Iran is doing ZERO business, not paying their military, or any of their bills, and quickly becoming a FAILED NATION! Lots of oil is getting out. Praise be to Allah!’ according to CNBC.

Unsuccessful Predictions and Escalation

The posts came just a day after Trump said that a deal could be reached in ‘two or three days’ and that the critical Strait of Hormuz would reopen ‘immediately’ after such a deal, according to CNBC. The U.S. has sought to pressure Iran into a deal by imposing a naval blockade on its ports and vessels. According to analysts at JPMorgan Chase, more oil may be going through Hormuz than is publicly visible. Some 2 million barrels per day might be getting out on tankers that have switched off their transponders, according to the bank’s estimates shared in a June 4 note.

Meanwhile, according to the Frankfurter Rundschau, Trump has repeatedly claimed the Iran war is near resolution. ‘We are in the final stages of what will be a very, very good agreement,’ Trump said on Tuesday. He has made similar claims 37 times since the war began on February 28, according to CNN. In February, he said the war would last ‘at most four weeks’ before Teheran would concede. This deadline passed without resolution.

On April 17, Trump announced the Strait of Hormuz would soon reopen. However, this truce was extended indefinitely on April 21 at Pakistan’s request. A true breakthrough did not materialize. According to the Frankfurter Rundschau, Trump also set an ultimatum on March 22, giving Iran 48 hours to open the Strait of Hormuz or the U.S. would destroy Iran’s power plants—’starting with the largest first.’ He softened this stance just a day later.

Recent Escalation and Diplomatic Uncertainty

According to elDiario.es, Trump reiterated his threats against Iran on Truth Social after recent clashes, including the downing of a U.S. helicopter in the Strait of Hormuz. ‘They have taken too long to negotiate an agreement that would have benefited them greatly, now they will pay dearly!’ he wrote, without specifying the measures he plans to take or the implications for the diplomatic process to end the war launched with Israel against Iran.

‘The Iranian army is a complete disaster. Much of it, like its Navy and Air Force, no longer exists; they have been completely defeated. Iran only talks and does not act. The bully of the Middle East is DEAD!’ he added in the same message. The U.S. launched new attacks on Iranian soil in retaliation for the downing of a U.S. Apache helicopter. The U.S. Central Command (CENTCOM) reported this morning that it completed a series of attacks on Iranian targets, including air defense systems, ground control stations, and radar surveillance systems near the Strait of Hormuz.

The Major Guard announced that it responded to those attacks with bombings against 21 U.S. military targets across the Middle East. Among the targets were U.S. bases in Jordan, Kuwait, and Bahrain. The attacks have raised questions about whether the ceasefire remains in effect and threaten to derail diplomatic efforts to end the war, despite Trump’s earlier insistence that an agreement is near.