The U.S. naval blockade of the Strait of Hormuz threatens to halt more tanker traffic, sending oil surging and risks drawing China into a widening confrontation with Washington.

The president said the U.S. was ready to "finish up" Iran at the “appropriate moment," stressing that Tehran's nuclear ambitions were at the core of the failure to end the war.

The president said the U.S. was ready to "finish up" Iran at the “appropriate moment."