U.S. President Donald Trump said Wednesday that Iran has taken too long to negotiate a peace deal and will now have to “pay the price.”

“Iran’s Military is a complete and total mess,” the president said in a post on Truth Social. “Much of it, like their Navy and Air Force, doesn’t even exist anymore – They have been completely defeated. Iran is all talk and no action.”

Oil prices ticked higher and U.S. stock futures fell after Trump’s comments.

U.S. crude oil futures for July delivery jumped nearly 2% to $89.72 per barrel and Brent futures, the international benchmark, for August delivery, rose 1.3% to $92.74 per barrel.

The comment came just a day after Trump said that a deal could be reached in “two or three days” and that the critical Strait of Hormuz would reopen “immediately” after such a deal. 

Tensions ramped up in the Middle East on Tuesday. U.S. forces launched strikes against Iran, which U.S. Central Command said were “in response to yesterday’s downing of a U.S. Army Apache helicopter.”

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