The President Donald Trump announced on Sunday that the U.S. Navy will begin blockingading Strait of Hormuz. This is a major step after marathon talks with Iran failed to produce a peace agreement, putting a fragile ceasefire of two weeks in danger.

U.S. Central Command announced that U.S. Forces would implement the blockade on?all maritime travel entering and leaving Iranian ports? at 10:00 a.m. ET (1400 GMT) Monday.

CENTCOM said in a statement that the ban would "be enforced impartially" against all vessels entering or leaving Iranian ports and coastal areas. This includes all Iranian ports along the Arabian Gulf, Gulf of Oman and all Iranian ports within those regions.

It said that U.S. Forces would not hinder the freedom of navigation of vessels transiting through the Strait of Hormuz between non-Iranian port and Iranian ports. Additional information would be given to commercial mariners via a formal notification prior to the beginning of the blockade.

Trump posted on Twitter that the U.S. will take action against any vessel that pays a toll in international waters to Iran. He also said that the Iranians have dropped mines in the Strait of Hormuz, which is a chokepoint for 20% of the global energy supply that Iran has blocked.

Trump wrote: "No Iranian who fires on us or peaceful vessels will be BLOWN to HELL!"

Iran's Revolutionary Guards have responded to Trump with a warning that military ships approaching the Strait would be?considered a ceasefire violation and dealt harshly and firmly, underlining the danger of a dangerous escalated conflict.

Iran's Speaker of Parliament Mohammad Baqer Qalibaf said that Trump's threats against Iran would not have any effect. He was accompanied by Foreign Minister Abbas Araqchi.

In comments reported by state media, he stated: "If you fight we will fight. If you bring logic forward, we'll deal with it."

The weekend talks, held in Islamabad after the Tuesday announcement of a truce, marked the first direct U.S. - Iranian meeting in over a decade, and the highest level discussions since the Islamic Revolution in 1979.

IRAN DENIES 'MAXIMALISM', 'SHIFTING GOALPOSTS' AND 'BLOCKADE'

Araqchi claimed that Iran was in good faith, but "had encountered maximalism, shifting goals, and blockade", when it was just inches from an "Islamabad MoU."

He added, "Zero lessons learned." "Good will breeds goodwill." "Enmity breeds enmity."

After the talks, JD Vance (Vice President of the United States) said that the bad news was that there had not been an agreement. I believe that this is bad news more for Iran than for the United States of America.

Six weeks of fighting have killed thousands and roiled the world economy. Oil prices are soaring because Iran has blocked traffic through the Strait. Early on Monday, oil prices rose above $100 per barrel.

Trump acknowledged on Sunday that the price of gasoline and oil may remain high until the midterm elections in November, a rare acknowledgment of possible political consequences from the war.

Qalibaf posted a map with the current prices of gasoline in the Washington area on social media a few hours after Trump made his comments. He added the following comment: "Enjoy these pump figures." You'll soon be nostalgic about $4-$5 gasoline with the 'blockade.'

Investors sought relative safety in the?dollar on Sunday after talks failed to produce a deal. This plunged markets into uncertainty for a seventh consecutive week.

More Negotiations?

Trump said in an interview with Fox News that despite his recent post on the Strait of Hormuz, he still believed Iran would keep negotiating and described the discussions as "very friendly".

Trump said on Fox News from his Florida golf course that he believes the other side will come to a compromise because they are not stupid enough to say they want nuclear weapons.

Trump said that NATO allies who he had criticized for not supporting the war launched with Israel and him on February 28, wanted to assist with the operation at the Strait.

Washington's allies did not immediately comment.

An official from the United States said that Iran rejected Washington's demand for the end of?all enrichment of uranium, the dismantling and transfer of highly-enriched uranium.

Officials added that the two sides failed to agree on other issues, including the U.S. demands that Iran stop?funding Hamas Hezbollah, and the Houthis, as well as open the Strait fully.

Qalibaf said that the U.S. failed to win Tehran's confidence despite "forward-looking" initiatives from his team. Masoud Pezeshkian of Iran, who spoke with Vladimir Putin about the talks, said that Tehran was looking for "a fair and balanced agreement."

Iranian state media reported that he said to Putin: "If the United States return to the framework international law, an agreement will not be far away."

The semi-official Iranian?Tasnim media agency claimed that "excessive demands" from the United States had prevented a deal. According to other Iranian media, there is agreement on many issues. However, the Strait of Hormuz and Iran's nucleonic program are the two main sticking points.

Shipping data revealed that despite the deadlock, three supertankers, fully loaded with oil, passed through the Strait of Hormuz Saturday. These vessels appeared to be among the first to leave the Gulf after the ceasefire agreement.

(source: Reuters)