Trump Tells Axios on Sunday 'We Are Low Keying It' With Iran, Will Let Economic Pressure Mount Rather Than Order New Offensive as Oman Deal to Reopen Strait of Hormuz Is Held Up

President Trump told Axios on Sunday, August 9, 2026, in a brief phone call that "We are low keying it" with Iran, signaling he will let economic pressure and the naval blockade mount rather than order a new major military offensive, even as Iran is holding up a deal negotiated with Oman to reopen the Strait of Hormuz.^[1][2]

Trump did not issue new military threats in the interview, a shift from a week ago when he was close to ordering a return to major combat operations, according to Axios. He said the U.S. is "only semi-negotiating" and is watching Iran's economy, which he described as in "very bad shape" with huge inflation and no money to pay its troops, a crisis he said the U.S. blockade has worsened. With oil down to slightly over $75 a barrel, he said U.S. consumers are feeling less pain, adding of the back-and-forth: "It will work out. It always works out. It's like a chess game."^[1]

Oman-brokered Strait deal stalls as Tehran adds conditions

An agreement governing traffic in the Strait of Hormuz negotiated among Iran, Oman and the U.S. has been pending for days, Axios reported. Under the draft, Iran would gain partial control over traffic in the strait, which it did not have before the war. Qatari and Pakistani mediators had been confident the deal would be announced Wednesday, but prospects have faded since then.^[1]

On Saturday, the head of Iran's Supreme National Security Council, Mohammad Bagher Zolghadr, laid out additional terms beyond those in the Oman draft. He said the U.S. must never threaten nor insult Iran, permanently end the war against Iran and its allies in Lebanon, Gaza, Yemen and Iraq, lift the naval blockade and withdraw forces from around Iran, and provide full compensation for war damages while lifting all sanctions and releasing frozen Iranian funds. Those demands had until several weeks ago been presented as prerequisites for a nuclear deal and are now being presented as conditions for reopening the strait alone, Axios reported, with a diplomat from one mediating country describing Zolghadr's statement as a reflection of political infighting within the regime.^[1]

White House weighs blockade over bombardment amid split in Tehran

U.S. officials told Axios that Trump had been leaning toward resuming major combat operations a week ago but was convinced to de-escalate for now. One official said fighting allowed the Iranian regime to avoid dealing with infrastructure damage and a deep economic crisis, and that when not at war Tehran is forced to confront a grim reality with no solutions at hand.^[1]

The officials also described growing disagreements inside the Iranian leadership. One camp, led by President Masoud Pezeshkian, is worried about economic collapse and believes Iran needs a deal with the U.S., while another led by Islamic Revolutionary Guard Corps commander Ahmad Vahidi rejects any concessions. Meanwhile, about 8 million barrels of oil are moving out of the Gulf every night through the southern lane of the Strait of Hormuz in coordination with the U.S. military, an official said, with Washington aiming to increase that flow as long as there is no deal.^[1]

Vice President Vance said on Fox News on Saturday that the confrontation is not over and not at the beginning, saying, "We're in the middle of the game, and we're applying a whole host of tools 0 diplomatic, economic, military tools 0 to ensure that we get the best outcome for the American people."^[1]