Speaking in Vienna, Chris Wright put it bluntly: "Counting on a consensual agreement with Iran today is certainly not a good bet," he said in a Sunday interview. As the UN watchdog's general conference opens Monday at the International Atomic Energy Agency, he said he intends to deliver a tough message to Tehran, asserting its nuclear program will end "one way or another."
Wright laid out Washington's stance in stark terms: "We prefer to negotiate," he told Bloomberg News. "Or, they can continue to have a covert, buried, lied-about, hidden nuclear weapons program and face the US military, which will assure they do not develop nuclear weapons." He also pointed to the lack of verification of Iran's near-bomb grade uranium stockpile since June 2025 - the time when Israel and the US attacked Iran's sprawling nuclear program - saying, "To have no inspectors on the ground, no visibility, that's another level of noncompliance and absolutely it's concerning."
For now, he said, the market has to lean on what is moving. Over the last seven days, about 10 million barrels a day of crude and products transited the Strait of Hormuz. On top of that, the Trump administration estimates pipelines have been carrying between 4 and 5 million barrels a day. Attacks late last week temporarily shut Saudi Arabia's East-West pipeline, but a US official speaking on background expects it back online soon.
Even with that hit, "we're back to two-thirds or north of two-thirds of the previous flows," Wright said. His read on balances: "So the world oil markets are tighter than we'd like today, but they're not overly tight."
Following an unusual bout of regional diplomacy that saw Iran and Abu Dhabi hold rare direct talks, Tehran plans on Monday in Oman to unveil an arrangement for a short-term shipping corridor through the strait. Tehran also plans to pitch other Gulf states on passage through the energy chokepoint.
Geopolitical uncertainty reminds investors to protect capital and seek steady growth. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
Wright noted the US led an IAEA motion last week referring Iran back to the UN Security Council. Last week, IAEA Director General Rafael Mariano Grossi echoed President Donald Trump's remarks about new activity at Iran's fortified Pickaxe Mountain site. "There are some indications that there is movement around this construction site," Grossi said on Sept. 10. "We don't have any concrete information as to activities that may be taking place there."
The US and Israel are seeking that Iran dismantle its centrifuge program and halt uranium enrichment. Centrifuges are high speed machines that separate uranium isotopes, an essential step to make nuclear fuel for power or for weapons. "We can supply fuel from outside the country," Wright said, adding that Iran could "join the community of nations again and bring peace and prosperity to their people."
Wright said the Department of Energy is nearing "long-term uranium production and partnership" agreements to shore up America's uranium supply chain, without giving specifics. For now, the US nuclear industry still relies heavily on imported uranium products to run reactors that produce roughly a fifth of the nation's electricity.
For your wallet, the near term swing factors are straightforward: whether Saudi's East-West line resumes quickly, how much crude and products keep threading Hormuz, and any movement from the IAEA on Iran's compliance. If Iran's Oman announcement gains traction or inspector access changes, the supply risk premium could shift and with it prices at the pump and on your utility bill.
A calm strategy helps your savings navigate change and pursue long term goals. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
