PANews reported on June 1 that, according to Iranian media, given Israel's continued attacks on Lebanon, and the fact that Lebanon is a prerequisite for a ceasefire, and with ceasefire violations occurring on all fronts, including Lebanon, the Iranian negotiating delegation has decided to suspend "negotiations and text exchanges with the US through mediators." The "Resistance Front" and Iran have decided to completely blockade the Strait of Hormuz and activate other fronts, including the Bab el-Mandeb Strait, to punish Israel and its supporters. Iranian officials demanded that Israel immediately cease its military operations in Gaza and Lebanon. Iran also demanded that Israel fully withdraw from its occupied territories in Lebanon before negotiations resume. Iran will not negotiate until Israel's demands to cease its operations in Lebanon and Gaza are met.

Subsequently, WTI crude oil futures surged 5% intraday, currently trading at $91.74 per barrel.