RESOLVING THE LEDGER
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Iran rebuffed U.S. President Donald Trump's claim that the Strait of Hormuz would soon become U.S. territory, as a ship in the crucial waterway was reportedly struck and negotiations with Tehran appeared no nearer to resuming.
"The Strait of Hormuz has been Iranian, is Iranian, and will remain Iranian; this strait will only be closed and opened under Iran's command," Iran's Deputy Foreign Minister Kazem Gharibabadi said in a post on X late Friday. "The Strait of Hormuz cannot be seized by tweet, nor by aircraft carrier, nor by issuing an order, nor by an election speech."
Earlier, Trump claimed that after the U.S. defeats Iran, "pretty soon I'll be declaring the Hormuz Strait a territory of the United States ."
Trump, known to cite the phrase "to the victor belong the spoils," has floated the possibility that the U.S. could impose tolls in the strait once the conflict ends, though he later dropped the idea. The strait was an open, un-tolled international waterway before the U.S. and Israel started the war on Feb. 28 by launching strikes against Iran.
Iran's foreign minister was quoted as saying the two sides do "not have anything like a ceasefire."
"No negotiations have been held between us and the United States at this time," Iranian news outlet Shahrara News quoted Seyed Abbas Araghchi as saying early Saturday. "Qatar and Pakistan are exchanging messages between the parties and are in contact with us, but this does not mean negotiations."
Separately, the United Kingdom Maritime Trade Operations Centre (UKMTO) — an organization backed by the British Navy — said Saturday it received a verified report of a bulk carrier "being struck by an unknown projectile which has hit the hull."
Following the breakdown of an interim ceasefire in June, shipping in the strait has repeatedly come under fire from Iranian projectiles and the U.S. has struck Iranian targets as part of its blockade of Iranian ports.
Amid the military and diplomatic stalemate, energy prices remain elevated compared to pre-war levels.
Trump said Friday that Americans would need to tolerate slightly higher fuel prices while the U.S. punishes Iran.
"So for you to pay a tiny little bit more for your gasoline, just remember you're doing it so that a very evil country cannot have, a country that really is the number one state sponsor of terror in the world," Trump said in his speech.
"We don't want to have them have a nuclear weapon. So remember that, when you have to pay a little bit more, you're at four dollars," Trump said.
The average price of a gallon of gasoline across the U.S. was $4.07 on Saturday, according to the American Automobile Association, higher than the year-ago average price of $3.15.
The U.S. is also maintaining a tough sanctions regime against Iran.
Treasury Secretary Scott Bessent said the U.S. will be applying economic measures "that have never been seen on Iran."
"It will be a combination of economic isolation like the world has never seen before, and the continued blockade in the Strait of Hormuz that will keep anything from going in or out of the Iranian ports," Bessent said in a Newsmax interview Thursday night, without elaborating further.
Bessent's comments came as U.S. Defense Secretary Pete Hegseth reportedly said late Thursday that the military can keep a naval blockade of Iran going "indefinitely." The Navy will rotate ships in and out "as we have, and we'll continue to," Hegseth told reporters.
Media reports have said that the U.S. aircraft carrier USS George Washington was headed to replace the USS Abraham Lincoln, which has been deployed for more than 250 days in the Middle East. Its deployment had been expected to end in May.
The George Washington strike group departed Vietnam on Aug. 12 , the Navy said in a statement.
Hegseth claimed that reports about poor conditions aboard the Lincoln, including food shortages, declining morale and even attempts by sailors to jump overboard , were "completely misrepresented."
After Hegseth's comments, Rep. Mike Levin, D-Calif., said on X that he had sent a letter to Hegseth and acting Secretary of the Navy Hung Cao to express serious concerns about conditions aboard the Lincoln. "The reports coming from military families and loved ones about the conditions aboard the USS Lincoln are simply unacceptable. Reports include concerns of moldy showers, broken toilets, lack of hot water, lack of access to fresh produce, and supply shortages," the letter said.
Sailors and Marines are also said to have an "overwhelming workload," which is contributing to "extreme fatigue and burnout," it said.
In a post on X, U.S. Central Command said that reports alleging a brawl aboard the carrier were false, and that no service members have died.
This came after Iranian media claimed on Tuesday that seven U.S. Navy personnel have been killed and several wounded "in a violent clash" on the Lincoln.
— CNBC's Kevin Breuninger and Lim Hui Jie contributed to this report.
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