Iran’s supreme leader yesterday declared that the United States had suffered a shameful defeat, defiantly rejecting a warning from President Donald Trump that an economically punishing US naval blockade could be enforced for months to come.

Two months into the war that started with US-Israeli strikes on Iran, the vital sea channel remains closed

Brent for June delivery, which hit a peak of $122.53 Wednesday, was sitting around $120 in Asian trade, while West Texas Intermediate was around $108.

The presidents "paid particular attention to the situation regarding Iran and in the Persian Gulf", Ushakov said.

Tuesday's talks with oil executives followed a deadlock in efforts to resolve the conflict, which has led the United States to try to squeeze Iran's oil exports with a naval blockade aimed at forcing it to reopen the Strait of Hormuz to shipping.

The $25 billion cost is equal to the entire budget of NASA for this year

US President Donald Trump on Wednesday warned Iran to "better get smart soon" as efforts by Washington and Tehran to end hostilities appeared at a standstill

With May 1 cutoff looming under the War Powers Resolution of 1973, Congress pressure grows over authorisation as support for the war weakens

US president says Tehran won’t be allowed nuclear weapons, citing agreement with British monarch during high-profile visit

Around 20 percent of global LNG trade normally transits the strait in peacetime

US president posts on Truth Social

Tehran insists US can no longer 'dictate' policy to others

Peace talks between the United States and Iran to end the Middle East war and fully reopen the vital strait have so far proven inconclusive since a ceasefire came into force.

Seventy-three boys and 47 girls were killed in the February 28 strike on an Iranian elementary school in Minab, state broadcaster IRIB and local media reported.

Latest Iranian plan would set aside nuclear issue until after war ends, Iranian sources say

Speaking afterward to reporters, Iravani complained that countries only criticized Iran and not a naval blockade declared by the United States

Iran has made a new proposal to the United States to reopen the Strait of Hormuz and end the war, postponing nuclear negotiations to a later stage to break the deadlock in the high-stakes talks, reports said.

Financial gains from the strait should be paid in the local rial currency, says Iran's head of the national security commission

Oil prices climb back to $108 as Hormuz remains closed

Move comes as war damage disrupts production at major steel plants, state media reports