Seven months into the U.S.-Iran conflict, the prospect of a diplomatic resolution seems increasingly remote. Energy Secretary Chris Wright poured cold water on the idea of a nuclear deal during an appearance on ABC News' "This Week" on Sunday, suggesting the U.S. might be better off just dismantling Iran's nuclear program piece by piece.
Wright made it clear that Washington is committed to preventing Iran from developing nuclear weapons, even if that means sustained military action. "We are degrading their capacity to develop nuclear weapons and ultimately to deliver them if they develop them. It is a 47-year-long effort. This is not trivial, but the United States will get the job done and we will work in cooperation with our allies in the region," he said.
The Energy Secretary acknowledged that this could be a multi-administration project, which is a fancy way of saying: don't hold your breath for a quick fix. The immediate military objective, he explained, is to choke off Iran's crude exports to squeeze the regime economically.
Iran isn't taking this lying down. Parliament speaker Mohammad Bagher Ghalibaf has warned of more severe responses to U.S. actions. This comes after American strikes on Iranian oil tankers, which were themselves retaliation for missile attacks by Iran's Revolutionary Guard. Admiral Brad Cooper of CENTCOM confirmed that the U.S. will keep protecting its forces and imposing economic costs on Iran.
Meanwhile, President Trump is projecting confidence, claiming the U.S. has "total control" over the Strait of Hormuz, the narrow waterway that handles a huge chunk of the world's oil shipments. But the shipping data tells a different story: maritime traffic through the strait has dropped by 50%. That's not exactly a sign of smooth sailing.
Trump has also been pushing oil companies to expand refining capacity to ease rising fuel costs. But that's easier said than done. Building new refineries or expanding existing ones takes years and billions of dollars, so it's not a quick fix for pump prices.
Despite the chaos, Trump remains bullish on the stock market, predicting it will keep climbing even as oil prices swing. He's not blind to the costs of confronting Iran over its nuclear program, though, acknowledging that oil prices could rise and markets might get choppy.
For now, the situation remains tense, with no clear off-ramp in sight. The U.S. seems committed to a strategy of attrition, while Iran promises escalation. For global markets, that means continued uncertainty, especially for oil prices and shipping routes.
