The top U.S. priority in the war with Iran is now bringing gasoline and oil prices down for American consumers, Vice President JD Vance said Thursday, as Treasury Secretary Scott Bessent warned that new economic measures against Tehran are imminent.
The comments highlight the growing importance of the Strait of Hormuz, which Iran has largely shut down in retaliation for the U.S.-Israeli war, giving Tehran significant leverage as Washington seeks a way to end the conflict.
Oil Prices Take Priority Over Iran’s Nuclear Program
Vance said preventing Iran from obtaining a nuclear weapon — repeatedly cited by President Donald Trump as the main justification for the war — has now become the second priority, behind restoring the flow of oil through the strategic waterway.
“I know that oil is down today and it’s way down from the highs in the early days of the conflict,” Vance said on Fox News. “That’s goal number one – keep oil and gas cheap for Americans all over our country.”
“And then obviously goal number two is ensure that Iran never gets a nuclear weapon,” he added.
The shift reflects the growing impact of the Hormuz crisis on global energy supplies and U.S. consumers, as the conflict has pushed gasoline prices higher.
Washington Turns to Economic Pressure
Bessent, meanwhile, signaled that Washington plans to intensify economic pressure on Tehran, threatening an unprecedented level of economic isolation and saying new measures are expected next week.
The tougher approach comes just days after Trump said an agreement to reopen the Strait of Hormuz could be reached soon. The administration now appears to be relying more heavily on economic pressure and a blockade of Iranian ports to force Tehran to make concessions.
“We are low-keying it,” Trump said Sunday, adding that Washington was only “semi-negotiating” while monitoring Iran’s economic problems, including high inflation and a lack of funds.
Iran Sets Conditions for Reopening the Strait
Trump had previously indicated that he would hold off on renewed attacks against Iran if an agreement to reopen the strait could be reached quickly.
Iran, however, has presented conditions that Washington is unlikely to accept, including an end to the war on all fronts, lifting the U.S. blockade of Iranian ports, removing sanctions, releasing frozen Iranian assets and providing compensation for wartime damage.
The demands echo elements of a memorandum of understanding reached in June before fighting resumed. The proposed agreement included plans for a $300 billion reconstruction fund for Iran.
Meanwhile, reports indicate that the U.S. military has used large quantities of expensive missiles and other advanced weapons since the war began, potentially limiting Washington’s ability to resume large-scale attacks.
Vance acknowledged that U.S. policy may shift between military and economic priorities, saying Washington is focused at times on energy prices and at other times on military operations and Iran’s nuclear program.
