The crisis over the waterway, critical to crude oil and natural gas shipping, deepened even as Iran said it “will be opened and closed only under” its command. United States President Donald tTrump had on Friday urged Americans to accept slightly higher gasoline prices as the US-Iran conflict continues. At a political rally in Garden City, New York, Trump said that paying “a tiny little bit more for your gasoline” would be worth the cost of ensuring “a very evil country” could not have nuclear weapons.Trump urged Americans to accept slightly higher gasoline prices, even as Iranian foreign minister Araghchi said Iran had not decided to resume talks with the US. (AP/ PTI)He further alleged that he would be “declaring” Hormuz “a territory of the United States” after America defeats Iran. Progress towards a ceasefire has stalled even as Iran, over the past few days, reiterated that it has not resumed talks with the US. Owing to this, oil tanker traffic through the strait also remained halted.Iran on Saturday called on the United States to accept the “reality of defeat”, a day after Trump vowed to bring Strait of Hormuz under American control.US-Iran standoff on Hormuz continuesThe crisis over the waterway, critical to crude oil and natural gas shipping, deepened even as Iran said it “will be opened and closed only under” its command. “…So long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will continue to enforce the blockade,” Iran's deputy foreign minister Kazem Gharibabadi said on X.Also Read | Donald Trump says will declare Strait of Hormuz ‘US territory’, Iran hits backMeanwhile, Iranian foreign minister Abbas Araghchi said Iran had not decided to resume talks with the US. He told Iranian news outlet Shahrara News in an interview published Saturday that US must meet conditions on the strait in order for shipping traffic to resume on the waterway.Trump and US treasury secretary Scott Bessent have vowed to inflict more financial damage on Iran, with the latter telling Newsmax that announcements of more measures against Tehran would be made next week.US gasoline prices up 29% from year earlier, Iran too witnessing economic tollThe stalled talks has sparked inflation and disappointed voters in the US, Reuters reported, with the average price of a gallon of gasoline at $4.08 on Friday, up 29% from a year earlier, according to the American Automobile Association. Crude oil futures rose $1 a barrel on Friday. Benchmark Brent futures were on track for a weekly rise of 6.0% and West Texas Intermediate 5.4%.Iran-US war to end in 2029? Tehran official's answer and ‘there is a price’ warning as impasse over peace deal remainsDespite its defiant tone, Iran too is facing the economic toll of the conflict. Iranian President Masoud Pezeshkian, in remarks on state television, blamed high inflation on a US blockade of the country's ports and sanctions on Iran's oil exports.Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs.