Donald Trump has said the US will continue its blockade of the Strait of Hormuz until Iran agrees to a peace deal, claiming the halt to shipping is “absolutely destroying Iran”.

The US president said the current ceasefire will end on Wednesday evening local time, and that it’s “highly unlikely that I’d extend it” if Washington and Tehran can’t reach an agreement to end the war by then, in a phone interview with Bloomberg.

“I’m not going to be rushed into making a bad deal. We’ve got all the time in the world”, Trump said Monday.

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Iran warns it has ‘new cards to play’ on battlefield as Trump refuses to end Hormuz blockade