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Vance Ties Cheap Oil Goal to Iran Sanctions

8/14/2026

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Summary

Story summary

Vice President JD Vance said on Aug 13 that cheap oil is the goal and stopping Iran’s nuclear weapons program is the second.
Treasury Secretary Scott Bessent warned that sanctions on Iran, due next week, accompany the U.S. Navy’s block of the Strait of Hormuz, which moves about 20 percent of oil.
President Donald Trump said the United States is “low-keying” the conflict, using economic pressure instead of attacks as midterms near.

History

Historical Context

During the October 1973 OAPEC embargo, Saudi Arabia and other Arab producers cut output by 5 % per month and raised barrel prices from $3.01 to $5.12, a rise of about 70 %. The shock forced the United States to build reserves and reshaped diplomacy. Today, Washington again uses oil leverage—sanctions on Iran and a naval blockade of the Strait of Hormuz—to pressure Tehran, echoing 1973 tactics.

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Story summary

Vice President JD Vance said on Aug 13 that cheap oil is the goal and stopping Iran’s nuclear weapons program is the second.
Treasury Secretary Scott Bessent warned that sanctions on Iran, due next week, accompany the U.S. Navy’s block of the Strait of Hormuz, which moves about 20 percent of oil.
President Donald Trump said the United States is “low-keying” the conflict, using economic pressure instead of attacks as midterms near.

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