Main developments
Donald Trump told allies hit by the closure of the Strait of Hormuz that “the US won’t be there to help you anymore” and to “go get your own oil”.
In a post on social media on Tuesday morning the US president said that “the hard part is done” in Iran.
Trump said later on Tuesday that the Washington would end its campaign within ‘two or three weeks’ and that the US could leave Iran ‘whether we have a deal or not’
Pete Hegseth, the US defence secretary, said “the upcoming days will be decisive” for the conflict, and that the US was ready to dial up intensity if Iran fails to “cut a deal”.
Iran’s president reiterated that his country was open to ending the war, but only if it receives “guarantees” that US-Israeli aggression will not be repeated.
US stocks extended their rally on the Iranian president’s comments, with the broad S&P 500 posting its best day since May.
Brent crude settled 4.9 per cent higher at $118.35 and ruled off on a historic 63.3 per cent gain for the month of March.
US petrol prices have hit an average of $4 a gallon for the first time since 2022, a sign of how the war is hurting US consumers ahead of November’s midterm elections.
Iran vowed to target US companies including Microsoft, Apple, Meta Google, JPMorgan and Palantir, accusing them of being involved in “terrorist” attacks that killed Iranians.
Southern Beirut targeted by Israeli warships
Israeli warships struck the seaside southern Beirut district of Jnah late Tuesday night, resulting in explosions heard across the capital, Lebanese state news reported.
The warships struck multiple cars in the Jnah area, state news said, adding that ambulances and fire trucks had rushed to the area to extinguish blazes resulting from the attacks.
A separate drone strike earlier hit a car on the road in the town of Khalde, just south of the capital, according to state media.
US could leave Iran ‘whether we have a deal or not,’ Trump says
Donald Trump said a deal with Iran was not necessary for the US to end its campaign in the Middle East.
“Iran doesn’t have to make a deal,” he said on Tuesday afternoon. “We’ll leave whether we have a deal or not. It’s irrelevant. Now, it’s possible that we’ll have a deal because they want to make a deal. They want to make a deal more than I want to make a deal.”
Trump said there was a “new regime” in Iran and “they are much more accessible,” though did not provide any details on who the US is negotiating with.
The president said he did not think Iran had to make a deal with him “when we feel that they are, for a long period of time, put into the stone ages, and they won’t be able to come up with a nuclear weapon.”