President Donald Trump has asserted that Iran’s new president requested a ceasefire, a statement Iranian officials have vehemently denied as “false and baseless.” This exchange occurs as President Trump suggests the U.S. military offensive against Iran could conclude within two to three weeks.

Trump's Claims and Iran's Response

On Wednesday morning, President Trump took to Truth Social, stating that Iran’s new president had requested a ceasefire. He indicated he would only consider the proposal once the Strait of Hormuz is open and clear. Iran’s Foreign Ministry spokesperson, Esmail Baghaei, dismissed the claim as “false and baseless” in a report on Iranian state television.

Strait of Hormuz Control

Iran’s paramilitary Revolutionary Guard also asserted that the Strait of Hormuz is “firmly and decisively” under its control. They stated, “This strait will not be opened to the enemies of this nation through the ridiculous spectacle by the president of the United States.”

Diplomatic Efforts and Troop Deployments

Iranian Foreign Minister Abbas Araghchi confirmed to Al Jazeera that they have received messages from U.S. envoy Steve Witkoff, but emphasized that no direct negotiations are currently underway. Araghchi stated Iran is willing to continue fighting.

Military Buildup

Thousands of additional U.S. troops are being deployed to the Middle East. The aircraft carrier USS George H.W. Bush, along with three destroyers, is heading to the region, carrying over 6,000 sailors. Soldiers from the 82nd Airborne Division have also begun arriving.

Economic Impact

The conflict has significantly impacted global oil prices. Spot prices of Brent crude oil reached around $107 a barrel on Tuesday, a more than 45% increase since the conflict began on February 28th.

Rising Gas Prices

U.S. gas prices have surged past an average of $4 per gallon for the first time since 2022. This increase mirrors a similar spike following Russia’s invasion of Ukraine four years ago. President Trump plans to address the nation in a prime-time address from the White House Wednesday evening at 9 p.m.