(NewsNation) — President Donald Trump said Iran has signaled that it is “collapsing,” as the United States tightens its blockade in the Strait of Hormuz. Overnight, the president warned Iran to “get smart soon” and make a deal.

“Iran can’t get their act together,” Trump wrote on Truth Social. “They don’t know how to sign a nonnuclear deal. They better get smart soon.”

Trump’s post featured an AI-generated image of himself holding a weapon amid explosions with the caption, “NO MORE MR. NICE GUY.”

Later Wednesday, Trump and Russian President Vladimir Putin spoke about the wars in Iran and Ukraine, with each president offering to help end the other’s war, but no firm agreements have yet been revealed.

Tensions over Tehran’s nuclear program rose before the war broke out, with Trump repeatedly vowing to ensure the country can’t build a nuclear weapon. Iran has long insisted its nuclear program is peaceful, though it enriched uranium to nearly weapons-grade levels.

Meanwhile, Pakistan said its weekly oil import bill has surged due to soaring global energy prices. Prime Minister Shehbaz Sharif said on Wednesday that the weekly oil import bill had risen from $300 million before the Middle East conflict to $800 million.

Gas prices hit highest level since Iran war began

In a similar message, European Commission President Ursula von der Leyen said the U.S.-Israel war, combined with retaliation from Iran such as choking the Strait of Hormuz, is costing the European Union almost 500 million euros ($600 million USD) a day, raising prices at the pumps and fears of a jet fuel shortage within weeks.

The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers. The move is not expected to immediately impact global oil supply, already strained by the war in Iran, but could help lower oil prices after the war if the UAE increases its production capacity.

Russian President Vladimir Putin spoke with Trump on Wednesday about the wars in Ukraine and Iran, and warned Trump of “dire consequences” if the ceasefire fails.

Presidential adviser Yuri Ushakov told reporters in Moscow that Putin told Trump that a ground operation would be “unacceptable and dangerous.”

Trump told reporters on Wednesday the conversation was “very good” and he suggested Putin announce a ceasefire in Ukraine.

As for Iran, Trump said Putin wants to help bring the Iran war to a close.

“I said, ‘Before you help me I want to end your war,'” Trump said.

Since Operation Epic Fury began against Iran, 14 U.S. service members have been killed, Joint Chiefs Chairman Dan Caine told the House Armed Services Committee on Wednesday.

A U.S. defense official confirmed to NewsNation that 13 of the deaths were combat-related and one was non-combat. Six service members were killed in an Iranian drone strike in Kuwait, six died in a KC-135 crash, and one later died from wounds sustained in a separate attack at Prince Sultan Air Base in Saudi Arabia. The non-combat death was attributed to a heart attack.

Officials say about 400 service members have been wounded in action, with more than 90% already returning to duty.

Prime Minister Shehbaz Sharif on Wednesday said that Pakistan is still continuing its efforts to maintain peace in the Middle East, as the country’s “journey of economic development has come to a halt.”

Speaking at a Cabinet meeting, Sharif said negotiations between Washington and Tehran earlier this month were hosted in Islamabad and lasted 21 hours, with Pakistan playing an active behind-the-scenes role.

“Due to our immense efforts, the ceasefire has been extended, which is still ongoing,” Sharif said. “Efforts for peace are still ongoing, and there will be no reduction in them.”

The majority of Iran’s highly enriched uranium is likely still at its Isfahan nuclear complex, which was bombarded by airstrikes last year and faced less intense attacks in this year’s U.S.-Israeli war, the head of the U.N. nuclear agency told The Associated Press.

Rafael Grossi said in an interview on Tuesday that the International Atomic Energy Agency has satellite images showing the effects of the latest U.S.-Israeli airstrikes against Iran and that “we continue to get information.”

IAEA inspections ended at Isfahan when Israel last June launched a 12-day war that saw the United States bomb three Iranian nuclear sites.

The U.N. nuclear watchdog believes a large percentage of Iran’s highly enriched uranium “was stored there in June 2025 when the 12-day war broke out, and it has been there ever since,” Grossi said.

Iran’s national rial currency hit a record hit Wednesday of 1.8 million to $1 as a shaky ceasefire with the U.S. and Israel still holds, the Iranian Student News Agency (ISNA) said, marking a fall of about 15% over the past two days.

The rial had remained stable for weeks during the war, which began Feb. 28, in part because there was little trading or imports coming into the country.

The rial began to slide two days ago, hitting the record low Wednesday.

Experts warn the fall of the rial is likely to further fuel inflation in a country where many imported goods, from food and medicine to electronics and raw materials, are affected by the dollar rate.

The war is now in a ceasefire, but a U.S. blockade has continued to increase pressure on Iran’s already-battered economy, cutting into a key source of government revenue and hard currency by stopping or intercepting oil shipments.

Defense Secretary Pete Hegseth and Joint Chiefs Chairman Dan Caine are set to testify this week on Capitol Hill about the Pentagon’s $1.5 trillion budget request.

Hegeseth is scheduled to appear before the House Armed Services Committee on Wednesday. It marks Hegseth’s first public testimony since the start of the war in Iran.

Lawmakers are expected to question reports that U.S. missile stockpiles are running low, as well as the looming 60-day deadline to continue military operations without congressional approval.

“They want us to ‘Open the Hormuz Strait,’ as soon as possible, as they try to figure out their leadership situation,” Trump posted on social media.

He added that he believes they will be able to sort out reported divisions within the Islamic Republic government about negotiations with the U.S.

The White House did not immediately respond to questions about who on the Iranian side delivered the message, who in the Republican administration received it, and whether the communications were conducted directly with the U.S. or through an intermediary.

The U.S. government is increasing economic pressure, imposing ​sanctions on 35 entities and individuals for their roles in Iran’s shadow banking networks, which officials say “funnel tens of billions” to the Islamic Revolutionary Guard Corps.

The Treasury Department’s Office of Foreign Assets Control threatened sanctions against banks doing business with Chinese “teapot” refineries. Officials say these networks help Iran access the global financial system and support regional proxy groups.

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“Iran’s shadow banking system serves as a critical financial lifeline for its armed forces, enabling activities that disrupt global trade and fuel violence across the Middle East,” said Secretary of the Treasury Scott Bessent said in a statement. “Illicit funds funneled through this network support the regime’s ongoing terrorist operations, posing a direct threat to U.S. personnel, regional allies, and the global economy.”

The U.S. military on Tuesday boarded another commercial vessel during its blockade of Iran’s ports, but unlike in previous cases, the ship was ultimately allowed to carry on its way.

U.S. Central Command says Marines boarded the Blue Star III on Tuesday but “released the vessel after conducting a search and confirming its voyage would not include an Iranian port call.” An accompanying video showed American forces fast-roping from a helicopter onto the vessel.

It’s at least the fourth merchant ship to be boarded since the Trump administration began the blockade of Iranian shipping more than two weeks ago. However, it’s the first not to be taken into U.S. custody.

The Associated Press contributed to this report.

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