Trump claims U.S. could seize all Iranian oil as Tehran warns of retaliation

8 outlets1 min read11m agoImportance 4/10

Donald Trump said the United States could take all of Iran's oil, while Iran warned it would strike U.S. and Israeli targets if attacked.

Why it matters

The statements raise the risk of heightened U.S.-Iran tensions that could affect global oil markets and regional security.

How this story developed

Sep 29 Oil prices jump as US-Iran tensions flare and US troops leave Iraq
Oct 2 The administration emphasized managing public expectations about a rapid settlement with Iran.
Oct 5 Pezeshkian argued that three attacks have taken place since talks began, suggesting the U.S. aims to topple Iran. He said the adversary relies on assassination, sanctions and broken promises, making negotiations futile. The conflict started with U.S. and Israeli strikes in February and a June memorandum briefly outlined a resolution before Iranian actions in the Strait of Hormuz reignited fighting. Recent indirect talks at the UN failed to break the deadlock, and Foreign Minister Abbas Araghchi warned that only a just negotiation, not military force or new sanctions, could end the war.
Oct 10 According to the Revolutionary Guard, the vessel hit a mine and burst into flames while transiting the Hormuz Strait. The flag of the ship has not been identified. The incident follows a series of recent attacks on vessels in the Persian Gulf, including Iran's claim that it shot at a tanker using an "illegal channel." The flare-up has contributed to a rise in global oil prices and renewed worries about the security of one of the world’s key oil transit routes.
Oct 13 Trump’s Strait of Hormuz announcement and dismissal of Iran’s UN proposal occurred alongside a Brent price jump and the departure of the final U.S. soldiers from Iraq.
Oct 14 Iran announced a revised method for targeting vessels in the Strait of Hormuz.
Oct 17 A supertanker hit a sea mine in the strait, triggering a fire.
Oct 17 President Pezeshkian issued a new statement declaring talks with the United States futile.
Oct 20 US Central Command said about 400 ships and 100 million barrels of oil still transited the strait.
Oct 21 Israeli Prime Minister Benjamin Netanyahu prepared a more extensive attack on Iran for Oct. 10, but President Donald Trump opposed the plan ahead of the U.S. midterms.
Oct 22 Iran announced the closure of the Strait of Hormuz.
Oct 23 Netanyahu announced plans for a larger strike on Iran.

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Updated 23 Oct 2026, 20:03 UTC