U.S.-Iran Live Updates: Trump says Iran "not ready to make the right deal" as U.S. turns to economic warfare

Iran's president says "better to end the war today … while the entire world acknowledges our victory"

Iranian President Masoud Pezeshkian said Friday that the war with the U.S. must eventually come to an end, and "it is better to end the war today, while we are strong and honored, while the entire world acknowledges our victory and emphasizes that America, contrary to all regulations, attacked our schools, hospitals and infrastructure and is hated around the world."

Speaking at the 31st General Assembly of the Islamic Association of Iran's Medical Community, Pezeshkian also gave a nod to public dissatisfaction in Iran, where extreme economic malaise exacerbated by the war has made it difficult for normal people to buy even basic goods.

"If there is dissatisfaction or grievance in society, it means that we have not acted as we should have," he said.

He questioned the sustainability of Iran's government fuel subsidies, saying: "Who said the government should buy gasoline at 130,000 tomans ($ 0.10) and then sell it for 1,500 tomans ($0.0011)?"

Trump says Iran is "not ready to make the right deal"

President Trump said Iran "would love to make a deal. But they are not ready to make the right deal, in my opinion."

"It just means that we're seeing what happens," he said. "They have no money, they have no navy, they have no air force. They are not paying their soldiers, they are not paying their police. They have 350% inflation. So we are just going to see what happens."

The president said the U.S. has "total control of that entire region having to do with the Strait of Hormuz. And that means well into it, the land areas."

U.S. assisted in getting more than 15 million barrels of oil through Strait of Hormuz in one day, energy chief says

Energy Secretary Chris Wright says that the U.S. military assisted in the passage of "over 15 million barrels of oil and products" through the contested Strait of Hormuz on Tuesday.

In a social media post Friday evening, Wright wrote that in total, about 20 million barrels of oil left the region on Tuesday, when combined with what was exported out through pipelines.

Wright said that over the past seven days, an average of 8 million barrels of oil per day has left the strait.

"Make no mistake, thanks to the U.S. Navy, oil is flowing through the Strait of Hormuz," Wright wrote Friday.

U.K. military data show huge impact on Strait of Hormuz shipping after 23 weeks of war

Only 21 full inbound and 18 outbound transits were recorded in the latest week reflected in the data, which was the week ending Aug. 7.

Traffic remained at only about 4% of the pre-conflict average by the end of the first week of August.

Iran is feeling the economic pain, but will it be enough to force capitulation?

"We have virtually given up on many things," said Ahmad Karimi, 52, a taxi driver and father of two who has been working 15-hour days to make ends meet. "We're cutting out fruit, we're cutting out protein, we've given up leisure, we even work on weekends."

Iran, Oman foreign ministers speak by phone amid Hormuz stalemate

Badr bin Hamad Al Busaidi and Abbas Araghchi, the respective foreign ministers for Oman and Iran, spoke over the phone on Friday as the region and its biggest issue — navigation through the Strait of Hormuz — remain at a standstill.

The two leaders discussed "ways to create favorable conditions for resuming dialogue and negotiations, and developments regarding navigation in the Strait of Hormuz," according to the state-owned Oman News Agency.

Iranian military chief warns of "devastating" response

Iran's Chief of Staff of the Armed Forces, Major General Abdolrahim Abdollahi, said Friday that the country's military was prepared to deliver a "devastating" response to any conventional or emerging threat from its adversaries.