US-Iran war news LIVE: Oil prices ease after Trump hints at waiving sanctions; Iran says won’t allow energy exports

Amid escalating tensions in the Middle East, Iran and the United States have issued sharp warnings over the course of the ongoing war.

Iran’s powerful Islamic Revolutionary Guard Corps (IRGC) said it would “determine the end of the war” and warned that Tehran would not allow “one litre of oil” to be exported from the region if US and Israel continue their attacks, according to state media reports on Tuesday citing an IRGC spokesperson.

The remarks came after US President Donald Trump predicted the conflict could end soon, even as hardliners in Iran rallied behind the country’s new Supreme Leader, Mojtaba Khamenei.

Trump’s warning over oil sanctions

Trump said he plans to waive some oil-related sanctions and deploy the US Navy to escort tankers through the Strait of Hormuz, while predicting the war with Iran could be resolved “very soon.” The comments come as global oil markets swing sharply amid fears of supply disruptions.

“If Iran does anything that stops the flow of oil within the Strait of Hormuz, they will be hit by the United States of America twenty times harder than they have been hit thus far,” Trump wrote on the Truth Social platform.

He also warned that the US could strike “easily destroyable targets” in Iran if tanker traffic were disrupted, adding that “death, fire and fury will reign upon them.” Trump said he hoped such action would not be necessary and described the move as a gesture that would benefit major oil consumers such as China and other nations dependent on shipments through the Hormuz Strait.

Phone call with Putin

Trump also confirmed he had discussed the conflict with Russian President Vladimir Putin during a phone call earlier on Monday, saying the two leaders spoke about the possibility of a “quick settlement” to the war.

The conversation came as Russia pledged “unwavering support” to Iran’s new supreme leader, Mojtaba Khamenei.

Fresh strikes across the region

Meanwhile, Iran launched fresh strikes targeting energy infrastructure across the Gulf, including a petroleum complex in Bahrain, raising concerns over further disruptions to global oil supplies.

Bahrain’s sprawling Al Ma’ameer oil facility was hit, triggering a fire and causing significant damage. The country’s state energy company Bapco declared force majeure following the attack, becoming the latest Gulf producer to invoke the legal clause amid the conflict.

At the same time, Israel’s military said it carried out a wave of “broad strikes” against targets in Tehran. Journalists from AFP reported hearing aircraft overhead and a powerful explosion in the Iranian capital during the strikes.