Traffic through the Strait of Hormuz is practically at a standstill with no end to the war between the U.S. and Iran in sight. Intelligence firm Kpler detailed that only two vessels made it through the waterway on Friday as tensions remain high.
The UAE's Abu Dhabi National Oil Company said Iran launched an attack on two vessels trying to cross. Tehran did not comment on the accusation.
Brent crude, the international benchmark, climbed 1.63% and clocked in at $88.49 at 1:51 p.m. ET, while West Texas Intermediate, the U.S. benchmark, gained 1.18% and stood at $82.21 per barrel at the same time.
In this context, Vice President JD Vance said the Trump administration has a new primary goal in the war with Iran: keeping "oil and gas cheap for Americans all over our country."
Speaking to Fox News, he went on to say that "obviously goal number two is ensure that Iran never gets a nuclear weapon," but the remarks illustrate concerns caused by the economic impact of the continued closure of the Hormuz Strait.
Elsewhere, Treasury Secretary Scott Bessent said the U.S. will apply economic measures "that have never been seen on Iran."
Speaking to Newsmax, Bessent said the tactic "will be a combination of economic isolation like the world has never seen before, and the continued blockade in the Strait of Hormuz that will keep anything from going in or out of the Iranian ports." He did not elaborate further, only saying "just watch this space."
The remarks echo those of President Donald Trump, who claimed economic pressure on Tehran is working.
Speaking to Real America's Voice this week, Trump said that the country's economy is in tatters. "They've got 300% inflation. Their currency has almost no value. They're not paying their soldiers. Their soldiers are leaving."
He went on to say that while military options are still on the table, he is leaning towards continuing down the current path: "Economically, they are a mess. They can't borrow money. We control their money, what they had, which is a lot. They had a lot, and we have total control of it. I'm their banker," Trump added.
