Oil prices remain elevated as the Strait of Hormuz remains effectively closed to shipping.
The top US priority now in the Iran war is no longer its nuclear program but to bring gasoline prices down for American consumers, the vice president said Thursday, with the treasury secretary adding that new economic punishment to wear down Tehran is imminent.
The comments by Vice President JD Vance and Treasury Secretary Scott Bessent illustrate the powerful leverage Tehran has gained by shutting down the Strait of Hormuz.
Preventing Iran from obtaining a nuclear weapon – consistently touted by President Donald Trump as his main reason for the war – now takes a back seat to getting oil flowing again freely through the strait, Vance said on Fox News.
Vance's comments underscored the stark reality that the war now centres on control of the Strait of Hormuz, the critical fuel supply conduit that was open before Trump started the war along with Israel in late February.
