Washington makes cheaper fuel its stated top aim in the Iran war as Treasury threatens total economic isolation

The United States restated its objective in the Iran war on Thursday, framing it in economic terms. Vice President JD Vance told Fox News, "goal number one is to keep oil and gas cheap for the American people," ranking the prevention of an Iranian nuclear weapon second, as reported by the South China Morning Post and France 24.

Treasury Secretary Scott Bessent said the same day that Washington would apply measures to Iran that "have never been seen in history," describing a combination of economic isolation and a continued blockade of the Strait of Hormuz that "will keep anything from going in or out of the Iranian ports," according to The Hindu's rolling coverage and France 24.

The situation around the strait remains disputed. Globes reported that a vessel belonging to the United Arab Emirates was struck in the Strait of Hormuz, that Yemen's Houthi movement said it launched drones at a Saudi refinery, and that the US military has lost 45 unmanned aircraft worth roughly $1.3 billion since the war began. Iran has not accepted the terms Washington has set for reopening the waterway.

This pricing logic is worth noting. An administration seeking cheaper fuel is pursuing it by restricting supply from a major exporter and by using military force to control the world's most important oil chokepoint, which raises the insurance, freight and inventory costs built into every barrel that still moves. Brent crude traded near $87 a barrel on Friday morning in Asia, per Economic Times market coverage. Gold and silver moved higher instead: gold traded near $4,400 an ounce on Thursday, up close to 10% over the past month, and silver traded near $65. Bitcoin opened at about $63,410, with its daily, weekly, monthly and yearly trends all negative.