President Donald Trump threatened Iran as negotiations between the countries remain deadlocked, saying Tehran will be hit "much harder" if no significant progress is achieved soon.
Trump said "the clock is ticking" for the country. "We want to make a deal. They are not where we want them to be. They will have to get there, or they will be hit badly, and they don't want that," he added.
Trump went on to warn: "They better get moving fast or there won't be anything left of them."
Oil prices climbed and global stock markets slipped Monday after the warning. Brent crude climbed above $110 a barrel in early trading, while West Texas Intermediate, the benchmark U.S. crude, traded above $106, extending sharp gains seen since the war began earlier this year. Major Asian and European indexes also declined as investors reacted to fears that tensions in the Middle East could intensify further, according to market reporting published by CBS News.
Iranian Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that Tehran has responded to the latest proposal from the U.S.
"What can be said with certainty is, first of all, that rights are not something we are to negotiate or compromise over," Baghaei said in reference to the country's enrichment of uranium. "There is no need for another party to recognize this right for Iran. This right already exists."
Israeli outlet Channel 12 reported last week that the country is preparing for the possibility that the war in Iran will resume soon. "The Americans understand that negotiations with Iran are going nowhere," a senior official said.
"We are preparing for days to weeks of [renewed] fighting and waiting for Trump's final decision. We will know more in 24 hours," the official added.
The future of the situation in Iran is unclear as negotiations continue at a standstill and the Strait of Hormuz blocked by both Tehran and Washington.
Iranian Foreign Minister Abbas Araghchi said the country is "trying to maintain" the ceasefire to "give diplomacy a chance."
Speaking at a press conference in New Delhi during the ongoing BRICS summit, Araghchi went on to say that the country's lack of trust in the U.S. is the "main obstacle to any diplomatic effort."
"Every day brings a different message, sometimes even two different messages in a single day, which deepens mistrust," the official added.
Araghchi also said in a video message that Iran "was the victor in this war" as the country is now seen as capable of "confronting the world's greatest powers."
Trump, in turn, said the U.S. controls the Strait of Hormuz because the country "wiped out their armed forces, essentially."
