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Iran’s Economy Just Got Handed a Grim Assessment From Trump’s Treasury Chief: He Believes It Is Collapsing Under the Blockade

Mike Waltz said the United States could still be fighting Iran in 12 months as Brent crude rose above $112 a barrel.

  • On Friday, U.S. Ambassador to the United Nations Mike Waltz told the Financial Times the U.S. could be fighting the Iran war for another year, stating key goals require Iran to accept a "meaningful agreement on their domestic enrichment."
  • President Trump claimed Thursday that Iran is fabricating attacks on tankers to inflate oil prices before the Midterm Election, asserting more oil is currently moving through the Hormuz Strait than before the conflict began.
  • Brent crude oil prices hit $114 a barrel Friday after the Revolutionary Guard claimed to disable seven tankers, while Saudi Aramco reported Thursday that East-West pipeline flow tripled from 2 million to 7 million barrels daily.
  • Foreign ministers from Britain, France, and Germany will meet in Istanbul Friday to discuss the Strait and regional crises, addressing the Israel-Palestinian situation and developments in Yemen involving the Iran-backed Houthi.
  • The U.K. is committing RAF Typhoons to defend Saudi Arabia from Houthi attacks, with British Foreign Minister Miliband set to advocate for a diplomatic solution to restore navigational rights in the region.
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The US ambassador to the UN today admitted that the United States (US) will be able to continue, within a year, an impasse in the conflict with Iran, although he is hopeful that, "before that," Tehran will sit at the table to negotiate.

·Lisboa, Portugal
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(New York = Yonhap News) Correspondent Kim Yeon-sook = U.S. Ambassador to the UN Mike Waltz stated that a war between the U.S. and Iran could continue even a year from now, adding that the U.S. [is] [facing] a long-term standoff with Iran...

·Seoul, Korea (the Republic of)
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BizToc broke the news on Friday, October 23, 2026.
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