Scott BessantJ.D. VancePete HegsethDonald TrumpScott BessentJD VanceFox NewsNewsmax

Vance says lowering oil prices is now 'goal No. 1' in Iran war; US threatens new economic pressure as Strait of Hormuz stays shut

Vice President JD Vance declared that lowering oil prices is now the U.S.'s 'goal No. 1' in the Iran war, as the nation threatens an indefinite naval blockade amid tensions over the Strait of Hormuz, which remains shut. Economic pressure on Iran is set to intensify.

NBC News NBC News+1 source14 August 2026 · 18:24 UTC
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Vice President JD Vance has shifted the U.S. focus in the Iran war from preventing nuclear proliferation to lowering oil prices, now deemed 'goal No. 1.' He stated, “That’s goal number one — keep oil and gas cheap for Americans all over our country.”

The U.S. is threatening an indefinite naval blockade of Iran, with Defense Secretary Pete Hegseth confirming that the blockade could continue indefinitely. “We’ll rotate ships in and out, as we have, and we’ll continue to do,” he said.

The international oil benchmark, Brent Crude, is currently priced at just above $87 a barrel, a 45% increase since January. Vance's comments reflect a significant shift in U.S. priorities, as President Donald Trump previously emphasized preventing Iran from acquiring nuclear weapons.

Vance noted that the war now centers on the Strait of Hormuz, a critical fuel supply route that Iran has largely shut down in retaliation against U.S. actions. “Preventing Iran from obtaining a nuclear weapon... now takes a back seat to getting oil flowing again freely through the strait,” he remarked.134

Treasury Secretary Scott Bessant warned of unprecedented economic isolation measures against Iran, stating, “We are going to apply measures like have never been seen in the history of economic isolation on a country.” As midterm elections approach, the war's unpopularity and rising gasoline prices pose risks for Republicans.

The U.S. military's resources are reportedly dwindling, complicating Trump's options for military action against Iran, as the conflict has already cost billions in high-tech weaponry.

Key Insight
“The war has shifted to control of the Strait of Hormuz, which Iran has all but shut down, giving Tehran a bargaining chip against Trump. With Trump's approval plummeting and midterms approaching, Republicans fear the war and soaring gasoline prices will cost them Congress.”
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Market Talk: Can economic pressure reopen the Strait?
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Market Talk: Can economic pressure reopen the Strait?
CuriousCats studied:
1
NBC NewsNBC News
“Keeping is now the United States’ “goal No. 1” in the Iran war, Vice President JD Vance has said, as Washington threatened an indefinite naval blockade and .”
NBC News →
2
The HinduThe Hindu
“The top U.S. priority now in the Iran war is no longer its nuclear programme but to bring gasoline prices down for American consumers, the Vice-President said on Thursday, with the Treasury Secretary adding that new economic punishment to wear down Tehran is imminent.”
The Hindu →
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