Iran Will 'Immediately' Return To MoU Deal If US Does, Pezeshkian Says, After Two Supertankers Struck In Hormuz

Summary

• Iran offers conditional ceasefire: Pezeshkian says Iran will return to talks if the US honors prior commitments, which Tehran says it has violated.
• US threatens further strikes: Trump warned of more action but ruled out necessarily returning to full-scale war.
• Tankers hit in Strait of Hormuz: Two supertankers struck exiting Hormuz, escalating energy-market risks.
• Oil prices surge: Brent crude rose above $92/barrel.
• Diesel supply squeezed: Refinery disruptions are driving diesel prices and margins sharply higher.

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Pezeshkian: We'll Teturn to Ceasefire if US Does

Iranian President Masoud Pezeshkian on Tuesday reiterated his country's willingness to return to talks with the US, but made clear that Washington must return to its prior commitments made.

"I state explicitly that if the United States returns to its commitments under the ... memorandum of understanding, the Islamic Republic of Iran will immediately take reciprocal action," Pezeshkian said on the sidelines of the Shanghai Cooperation Organisation (SCO) summit in Bishkek, Kyrgyzstan. 

It is significant that he's there at the Kyrgyzstan-hosted summit in person, receiving a welcome from the likes of Putin, Xi, Erdogan, the UN's Guterres, and others.

Pezeshkian still blasted the US for "reneging on its commitments" under the agreement, which unraveled in June - leading to various weeks of sporadic tit-for-tat attacks - the latest which occurred just at the start of this week.

President Trump yesterday told reporters in the Oval Office that there will be a "response" to the Iranian attacks, but also cautioned that this would not mean a return to full-scale war.

US officials have talked about "mowing the grass" with a series of indefinite strikes, while ironically having an aversion to anyone applying the label "forever war". 

It's not a "forever war"; it's just "mowing the lawn."https://t.co/oJTjmdSiHb pic.twitter.com/9JI0lfWaVS

— Brandan P. Buck (@brandan_buck) August 31, 2026

Two Supertankers Hit

Two oil supertankers were struck by unknown projectiles while transiting the Strait of Hormuz early Tuesday, signaling yet another sharp escalation in hostilities along the world’s most critical energy chokepoint.

The attacks follow President Trump's warning Monday that additional strikes against Iran remain possible. Traders are pricing in a further war risk premium, pushing Brent crude futures above $92 a barrel, while US diesel crack spreads have breached the critical $100-a-barrel threshold.

Maritime security consultant Marisks reports that Saudi shipping giant Bahri's VLCC Sidr was hit northeast of Khasab, Oman. The Sinokor-operated Senegal Prosperity was reportedly struck by three projectiles farther east. Both tankers were exiting the maritime chokepoint. 

UK Maritime Trade Operations separately confirmed that a tanker completing an outbound transit of Hormuz reported three projectile strikes but did not identify the vessel.

Brent crude futures ripped higher during Asian and European trading on the news, with the benchmark firmly above $92 as of 0600 ET.

More US Strikes on Table, Trump Warns

"President Donald Trump warned Monday that further strikes are possible, pushing Brent back above $91/bbl and driving another bear-steepening move across global bond markets," UBS analyst George Redman wrote earlier. 

US diesel crack spreads were above $100 as of 0600 ET.

As we've extensively detailed, the energy crisis is not necessarily in crude itself but in refined products. Gulf diesel and gasoline shipments have declined amid disruptions in the Strait of Hormuz, while damage to Russian energy infrastructure from Ukrainian one-way attack drones has created a perfect storm in global refining markets in late summer.

'Diesel at Epicenter of Supply Squeeze'

Goldman's energy expert Daan Struyven warned in his most recent note that "diesel is at the epicenter of the supply squeeze."

"Rising strikes on refineries in the Middle East and Russia have further constrained already-stretched global refining capacity, pushing refined-products margins to new highs," Struyven and Yulia Zhestkova Grigsby wrote in the note, adding, "Diesel remains at the epicenter of the rally."

Struyven and his team estimate that global refinery runs are down 7 million barrels per day from last year and have averaged nearly 6 million barrels per day below seasonal norms since March, around the time the US launched Operation Epic Fury and Ukraine ramped up one-way drone attacks against Russia's energy infrastructure.

Meanwhile, there may be some diplomatic traction in the Gulf area, with Iranian President Masoud Pezeshkian saying on state TV: "I state unequivocally that should the US return to its commitments under the aforementioned Memorandum of Understanding, the Islamic Republic of Iran will also take reciprocal action immediately."

Treasury Secretary Scott Bessent's "Operation Economic Outcast" is also ramping up as the Trump administration deploys sanctions to pressure Tehran into submission.

More Latest Developments

via Newsquawk...

• Iran's Foreign Ministry spokesperson Baghaei said Europe cannot claim strategic autonomy while following Washington's orders, stressing that true autonomy means making independent decisions.
• Pakistan's Deputy PM and Foreign Minister met with Iran's Foreign Minister Araghchi in an informal manner in Bishek at the holding room of the SCO Council of Head of States, according to journalist Anas Mallick.
• Gulf Corporation Council condemned Iran's attacks on Jordan, saying they pose a direct threat to the security and stability of the region, according to Al Jazeera.
• Yemeni armed forces targeted early on Tuesday the bases of Saudi and Emirati mercenaries in Al Makha and Al Khuwakh located in the southwest of the country, according to IRIB.
• Hapag-Lloyd’s (HLAG GY) CEO said it is reasonable to expect the Strait of Hormuz will remain blocked for the foreseeable future.