Trump says Iran has 22% of missiles left as talks stall

Iran has lost nearly 80% of its missile arsenal since the war began, President Donald Trump said, as negotiations with Tehran remain at an impasse.

President Donald Trump said Iran retains only 21% to 22% of its pre-war missile inventory, as U.S.-Iran negotiations remain deadlocked over the reopening of the Strait of Hormuz and the fate of billions in frozen Iranian assets.

"Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us," Trump wrote on Truth Social after U.S. Central Command confirmed fresh self-defense strikes over the weekend. "Iran has no choice" but to reach an agreement, he added.

The comments come as the U.S. blockade of Iranian ports has redirected 129 commercial vessels, according to CENTCOM, while Brent crude trades near $97 a barrel — down from war-time highs but still 46% above pre-conflict levels. The national average gasoline price stands at $4.22 a gallon, according to AAA, about $1.10 more than a year ago. The Strategic Petroleum Reserve declined by 9.1 million barrels in the week through May 22, the Energy Information Administration reported.

The standoff carries direct consequences for global energy markets. The Strait of Hormuz handles about 21% of global oil trade, and Iran has threatened to expand the conflict to the Bab al-Mandab Strait, a critical shipping passage connecting the Indian Ocean to the Red Sea. National Economic Council Director Kevin Hassett said gas and fertilizer prices would drop "relatively quickly" once a deal is signed, though GasBuddy analyst Patrick De Haan estimated it could take until mid-2027 for prices to return to pre-war levels.

The military dimension of the conflict continues to escalate even as diplomatic channels remain open. U.S. forces struck Iranian radar and command-and-control sites over the weekend in response to the shootdown of an American MQ-1 drone operating over international waters, CENTCOM said. Iran's Islamic Revolutionary Guard Corps claimed to have struck a U.S. air base used to launch attacks on Iranian territory, while Kuwait reported repelling drone and missile attacks. The U.S. military said it intercepted two Iranian ballistic missiles targeting American forces based in Kuwait, with no personnel harmed.

The last time U.S.-Iran hostilities reached this intensity was in early April, when the shaky ceasefire came into effect after 40 days of sustained exchanges. Since then, both sides have repeatedly traded fire without triggering a full collapse of the truce.

Negotiations at a Crossroads

An adviser to Iran's Supreme Leader Mojtaba Khamenei told CNN the talks are "at a deadlock" and urged the U.S. to unfreeze billions in Iranian assets as "a sign of trust-building." Mohsen Rezaei, a military adviser to Khamenei, warned that if the blockade isn't lifted, Iran could "give another dimension to the war" by attacking U.S. bases and expanding the conflict to the Indian Ocean and the Mediterranean.

Trump sent back proposed changes to the memorandum of understanding over the weekend, requesting tougher language on Iran's nuclear commitments and the reopening of the Strait of Hormuz, according to officials familiar with the matter. One foreign official told CNN the changes are not substantive and mostly center on U.S. desires for assurances on those issues.

The nuclear question remains a key sticking point. Trump said he considered sending troops into Iran early in the war to remove its near-weapons-grade uranium stockpile but decided against it, comparing such an operation to the failed Carter-era hostage rescue mission. Iran has consistently said it is not discussing details of its nuclear program under the current negotiations.

Lebanon Complicates the Picture

Fighting between Israel and Iran-backed Hezbollah is complicating prospects for a broader resolution. Iran has said any lasting peace deal with the U.S. must also include an end to hostilities in Lebanon. Hezbollah rejected a U.S.-brokered ceasefire this week, and Israeli strikes in southern Lebanon continued Friday, killing at least 32 people in the past day, according to the Lebanese Ministry of Public Health.

Trump said he spoke with Israeli Prime Minister Benjamin Netanyahu and Hezbollah leadership, claiming "all shooting will stop." However, Hezbollah said it carried out around 20 attacks on Israeli troops in southern Lebanon on Friday, and the group's leadership has denied accepting any ceasefire terms.

The humanitarian toll is mounting. The United Nations' World Food Programme projects that 45 million people could fall into acute food insecurity if the conflict continues and oil prices remain near $100 a barrel. Countries already facing conflict and economic hardship — including Somalia, Afghanistan, and Sri Lanka — are the most exposed, the agency said.

This article is for informational purposes only and does not constitute investment advice.