The Iranian demands were largely in line with the terms of a preliminary peace deal signed in June, which has since broken down. Since the war began in February, Trump has repeatedly oscillated between threats of escalation and claims that a peace deal is imminent. Oil prices settled 5% higher on Monday after the demands ⁠dimmed prospects for a deal to reopen the strait. Trump encouraged protesters to overthrow the Iranian government when the war began with U.S. and Israeli airstrikes in February. Washington and Tehran agreed to a ⁠ceasefire in ​June, but the U.S. reimposed a blockade on Iranian shipping in July, a move that Tehran said violated the truce.