US says lower oil prices priority in Iran war

The vice president of the United States, JD Vance, has stated that the top priority in the ongoing war with Iran is now lowering gasoline prices for American consumers, rather than preventing Iran from obtaining a nuclear weapon, which was a key reason cited by former President Donald Trump for initiating the conflict. Treasury Secretary Scott Bessent added that new economic sanctions aimed at weakening Iran are imminent.

This shift in focus reflects the significant control Iran has gained by blocking the Strait of Hormuz, a critical fuel supply conduit that was previously open. The war, which began in late February, has become increasingly unpopular among Americans and is contributing to President Trump's plummeting approval ratings as the November midterm elections approach.

Republicans fear that the war, alongside Trump's weakened economic standing, could cost them their majority in Congress. Bessent warned that Iran could face unprecedented economic isolation, with new punitive measures expected in the coming week. President Trump's stance has also softened, with his administration now focusing more on economic pressure through sanctions and port blockades, rather than engaging in further military confrontations.

Iran has set conditions for reopening the Strait of Hormuz, which include an end to the war, lifting of the US blockade, sanctions removal, release of frozen assets, and compensation for wartime damages. These conditions mirror terms from a previous memorandum of understanding reached in June, which fell apart as fighting resumed.