Middle East war’s inflation impact depends on duration, Sweden says

Iran’s oil minister said on Tuesday that the country’s oil sales since the start of the war had been favorable.

Mohsen Paknejad said oil sales in Esfand and Farvardin were satisfactory, referring to the two Iranian calendar months spanning late February to late April.

He added that some resources would have to be spent on rebuilding the sector, and that allocations should therefore be optimized and prioritized based on the final outcome.

The end of US-Iran ceasefire should not lead to an extension unless Iran’s demands, including control over the Strait of Hormuz, are recognized, an Iranian lawmaker said on Tuesday.

“The end of the ceasefire must not lead to its extension. Either Iran’s rights, including our control over the Strait of Hormuz, are recognized, or we return to war,” said Ebrahim Rezaei, spokesperson for parliament’s national security committee.

He also warned in a post on X that failing to secure Iran’s demands would mean the continuation of war by the United States and Israel.

Iran’s Foreign Minister Abbas Araghchi and Egypt’s Foreign Minister Badr Abdelatty spoke by phone on Monday night and discussed regional developments, Iran’s foreign ministry said on Tuesday.

The two sides reviewed tensions in the Persian Gulf, including what Iran described as “provocative and illegal US measures” in the Persian Gulf and the Sea of Oman.

They also discussed ongoing Israeli military operations in the Palestinian territories and Lebanon, according to the statement.

Iran has raised the issue of damage from a strike on the Bushehr nuclear power plant with international bodies including the UN nuclear watchdog, a government spokeswoman said on Tuesday.

Fatemeh Mohajerani said Iran had begun discussions with organizations such as the International Atomic Energy Agency over the incident.

“In any case, this is one of the issues that Iran has begun to raise with international organizations, including the IAEA,” she was quoted as saying by state media.

US President Donald Trump reposted an op-ed, saying the ceasefire had allowed Washington to gain control over the Strait of Hormuz and shift the balance against Iran.

The op-ed, published by the Washington Post and shared by Trump on Truth Social, said the US naval blockade of Iran had produced results similar to a military operation to seize Kharg Island.

“What a difference a week makes. Last Tuesday, Donald Trump’s critics were crowing that Iran had achieved a strategic victory in its war with the United States, leveraging control of the Strait of Hormuz to force the president to accept a ceasefire and return to the negotiating table. Now Trump has flipped the script — by using the ceasefire to seize control of the Strait of Hormuz,” read the op-ed.