Iran has escalated its rhetoric against the U.S. following its reasserting control of the Strait of Hormuz. President Donald Trump confirmed peace talks with Iran are ongoing, while Iran's parliament speaker and top negotiator, Mohammad Bagher Ghalibaf, warned against using a naval blockade against its ships in the strait. He also reiterated Iran's intention to restrict traffic through the straits, a key energy chokepoint. The closure of the sea lane has caused the largest oil supply disruption in history. Oil prices dropped more than 10% to below $90 per barrel on hopes that energy supplies would resume flowing from the region.