The U.S. government is reportedly planning to redirect Iranian assets to Gulf allies to cover damages caused by Tehran's strikes, with Treasury Secretary Scott Bessent directing a team to assess costs—including potential future destruction.
As the administration reaches out to Gulf allies for damage evaluations, the assets under review are not limited to frozen funds, according to the language used to describe the new measures, Reuters reported, citing a source.
The move follows remarks by Mohsen Rezaei, a senior adviser to Iran's supreme leader, who told CNN that unlocking $24 billion in U.S.-held frozen Iranian assets is a prerequisite for any peace agreement, adding that negotiations have hit a wall.
Meanwhile, the military situation remains tense. U.S. Central Command shot down four Iranian one-way attack drones that were threatening maritime traffic in the Strait of Hormuz on Friday. After that, Iran launched seven ballistic missiles toward Kuwait and Bahrain. CENTCOM said six of the missiles were intercepted and the seventh fell short. It also dismissed Iranian claims that the U.S. 5th Fleet headquarters in Bahrain was damaged as false.
Late Saturday, CENTCOM said U.S. forces shot down two additional Iranian attack drones threatening international maritime traffic in the strait.
Iran has effectively blocked the Strait of Hormuz, through which roughly one-fifth of global oil transited before the three-month war began, driving up energy prices and disrupting supply chains.
Various mediation efforts have failed to bring a permanent truce between the two nations. Gas prices have surged across the U.S. and globally, while speculation over prolonged supply chain disruptions even after a potential truce continues to cloud markets.
On Wednesday, President Donald Trump offered his definition of a ceasefire in the Middle East, telling reporters it can mean "you're shooting more moderately," while striking an optimistic tone on negotiations, saying talks were "looking good" after a temporary setback.
