President Donald Trump dismissed critics of his Iran ceasefire Memorandum of Understanding as “fools” on Saturday, citing record stock prices and falling oil costs after former President Barack Obama and GOP lawmakers questioned the deal’s terms. The 14-point memorandum, signed on Wednesday, ends a nearly four-month conflict and lifts U.S. sanctions on Iran’s energy sector. It also reopens the Strait of Hormuz, a vital route for global oil shipments, and establishes a $300 billion Iran reconstruction fund.

In a Truth Social post, Trump branded Obama a “weak and ineffective leader,” accusing him of empowering Tehran through financial concessions. Trump argued that Iran’s military defeat in the recent conflict validated his approach and proved the agreement’s success. “Obuma just kept giving them $Billions in cash, and never used our then depleted military” to rein in Tehran, Trump wrote, calling Iran the “World’s number one sponsor of terror.”

Obama criticized the deal on Friday, stating the U.S. may be “worse off” than before the war due to steep military and financial costs. “We’ve now fought a war, spent billions and billions of dollars, put an enormous strain on our military, a lot of people have died and it feels like we are back where we were before we started the war, except maybe a little worse off,” Obama said. He also defended the 2015 nuclear agreement negotiated under his administration, which Trump exited in 2018.

GOP lawmakers also raised concerns about the deal’s cost. Rep. Thomas Massie (R-Ky.) called the reconstruction fund “five times as much as Congress spends on our roads and bridges annually,” while former U.N. Ambassador Nikki Haley warned it risked rebuilding the threat the U.S. “just destroyed.”

On Saturday, Iran’s Revolutionary Guard Corps declared the Strait of Hormuz shut, citing alleged Israeli actions in Lebanon and a U.S. breach of ceasefire commitments. U.S. Central Command disputed the closure, reporting 55 merchant ships safely transited the strait, carrying more than 17 million barrels of oil. Vice President JD Vance departed Washington for Switzerland for talks with Iranian negotiators set to begin Sunday, after the meeting was delayed from its original Friday date.

Iran announced on Saturday it had shut the Strait of Hormuz, a critical corridor for global crude shipments, citing Israeli strikes in Lebanon and ceasefire breaches by the United States and Israel. The closure, ordered by the Khatam al-Anbiya Central Headquarters, Iran's top joint military command, threatens to disrupt seaborne energy flows and impact oil pricing. Military officials warned the move is a "first step," with further measures possible if perceived aggression continues.

The announcement follows a recent U.S.-backed arrangement intended to ease fighting and allow vessels to transit the waterway. Tankers had resumed using the route under that agreement, but the renewed warning suggests a reversal of that progress. Iranian military officials justified the tightening of maritime access by pointing to ongoing Israeli attacks in Lebanon despite a ceasefire with Hezbollah.

Messaging from Iranian institutions has been uneven throughout the situation. On Thursday, Iran’s Revolutionary Guard Corps stated the strait was being shut over alleged ceasefire violations. However, Iran’s Foreign Ministry subsequently said the passage remained open, with commercial shipping continuing under Iranian oversight.

The Strait of Hormuz is a major conduit for seaborne energy flows, moving a large portion of global oil exports. Its narrow geography and heavy traffic mean even short interruptions can ripple through oil pricing and broader trade. The latest development raises concerns about the stability of global energy supplies.