On ABC's This Week, Energy Secretary Chris Wright cautioned that a nuclear pact with Tehran might not happen, saying, "There may not be a nuclear agreement. It may be simply destroying their capabilities to do it." He floated the idea that any deal could slip to "the next administration in Iran," adding, "We simply don't know that." Pressed on whether the U.S. would keep hitting Iran if it tries to rebuild nuclear sites, he answered, "You have to destroy their capabilities to do it."
He described the campaign as a long grind: "It is a 47-year-long effort. This is not trivial, but the United States will get the job done and we will work in cooperation with our allies in the region." On CBS's Face the Nation, Wright said President Donald Trump's preference "is always to have a negotiated settlement and not use a military solution unless absolutely necessary." He also framed the military's immediate job bluntly: "The biggest role of our military in the region right now is to stop the export of any Iranian crude or crude-related products, natural gas, whatever," adding, "We are strangling their economy to try to bring either a change in policy from the existing regime or a new regime."
Trump has repeatedly cast stopping an Iranian nuclear weapon as a core aim, while still pursuing talks during a war that has driven energy costs higher around the world.
U.S. Central Command said American forces responded to IRGC missile launches at two U.S. Navy warships by targeting three Iranian crude carriers. One was permanently disabled off Kharg Island and another near Jask, while a third tanker was hit in the Gulf of Oman. CENTCOM said a U.S. aircraft carrier and a guided-missile destroyer dodged multiple attacks, and no U.S. personnel were injured.
"Let the message to the IRGC be clear: If you shoot at two of our ships, we will impose an even higher economic cost - taking out three of yours," CENTCOM commander Admiral Brad Cooper said Saturday. "We will not hesitate to defend American forces, and if necessary, destroy Iran's limited and exposed oil fleet." Defense Secretary Pete Hegseth echoed the warning on X: "It's simple: if Iran shoots at U.S. ships, we will destroy (and sink) their oil tankers. All they have to do is not shoot at @USNavy."
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The strikes landed a day after the Treasury Department blacklisted two subsidiaries and a small Turkish investment bank that Washington says funneled money for a branch of Iran's Revolutionary Guard. Washington folded those measures into a broader package unveiled in late August to cut Iran off from digital assets, from acquiring advanced technology, from its gold reserves, and from the commercial aviation and maritime sectors.
Iran is OPEC's third-largest producer, and before the war it shipped about 90% of its crude through Kharg Island. Those shipments have been throttled since mid-April by a U.S. campaign that blocks Iranian oil exports. The conflict has also functionally closed the Strait of Hormuz, a vital artery for global crude, after the war kicked off on Feb. 28 with American and Israeli airstrikes. In June, President Trump threatened to seize Kharg Island, and on Aug. 31 he posted an AI-generated video depicting the island being blown up.
At home, the squeeze is biting. Late last month, Iranian President Masoud Pezeshkian reported a sharp drop in trade. The World Bank estimates GDP shrank 2.7% in the year ending March, with inflation at 62.2% in February and food prices up 99% at a historical peak. According to the New York Times, an Iranian official estimates the war has wiped out one million jobs.
Iran's parliament speaker and lead negotiator Mohammad Bagher Ghalibaf declared on Sunday that the era of "proportionate responses" to U.S. actions is over, warning that any hit to Iran's interests or security will be met with a response that is "faster, heavier, and more painful." He also admitted the economic strain, citing sharp currency swings, inflation, unemployment, and market management challenges, while urging a push for local production and tech-driven fixes.
For regular investors, here is the through-line: Washington is tying military moves to throttling Iran's oil revenues, and Tehran is signaling escalation. With tanker strikes, a blockade that started in mid-April, and threats tied to Kharg Island and the Strait of Hormuz, crude supply headlines can whipsaw prices. If your budget lives at the gas pump or your portfolio leans on energy-sensitive sectors, expect volatility to stick around.
