US shifts Iran war focus to oil prices as Tehran tightens grip on Strait of Hormuz

The US's top priority in the Iran war has shifted from deterring Iran's nuclear program to addressing soaring gasoline prices for American consumers, according to Vice President JD Vance. Treasury Secretary Scott Bessent added that new economic sanctions aimed at exerting pressure on Iran are imminent. The comments by Vance and Bessent highlight Iran's significant leverage gained by closing the Strait of Hormuz, a crucial fuel supply conduit.

This development has now become the central focus of the war, as Iran has nearly shut down the strait in retaliation against the US and Israel's military actions in February. President Trump's approval rating is declining, the conflict is unpopular among Americans, and the upcoming midterm elections pose a threat to Republicans holding control of Congress.

With gasoline prices soaring and the war unpopular, the administration is reportedly prioritizing low-keying the conflict and focusing on economic pressure against Iran through port blockades and preventing oil sales. Treasury Secretary Bessent threatened to impose unprecedented economic isolation on Iran, with new measures expected within the week.

President Trump, however, hinted at a cautious approach, stating that diplomacy is on hold while hoping economic suffering will force Iran to yield. The administration is reportedly running low on high-tech missiles and other weapons, limiting its options for resuming attacks on Iran. Iran has set strict conditions for reopening the Strait of Hormuz, including an end to the war, lifting the US blockade of Iranian ports, ending sanctions, releasing frozen assets, and compensating for wartime damage.

These conditions resemble a memorandum of understanding reached in June, which collapsed as fighting resumed.