Oil is edging up on Friday after the UAE said Iran attacked two vessels trying to cross through the Strait of Hormuz as perspectives of an end to the war with the U.S. remain dim.
Brent crude, the international benchmark, climbed 0.56% and clocked in at $87.56 at 10:28 a.m. ET, while West Texas Intermediate, the U.S. benchmark, gained 0.30% and stood at $81.49 per barrel at the same time.
Citing data from intelligence firm Kpler, Reuters detailed that nine vessels passed through the waterway on Thursday, up from five on Wednesday but below the August average of 12. Between 120 and 130 vessels would make it through before the war began in late July.
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 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.
