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As the US-Iran conflict completes two months, Washington is looking to forfeit two Tehran-linked oil tankers seized by naval forces enforcing a blockade against the Islamic Republic.
The US Department of Justice has started the forfeiture process, Bloomberg reported citing an official. Both countries have been enforcing dual blockades in and around the Strait of Hormuz as President Donald Trump seeks to ramp up economic pressure on Iran.
Meanwhile, Trump told Axios that he does not plan to lift naval blockade of Iran's ports until he secures a deal with Tehran to address the country's nuclear program, extending a standoff over the Strait of Hormuz, a key connectivity route, which has disrupted global energy supplies.
The President had rejected a recent proposal from Iran to reopen the strait but that would have delayed talks on the nuclear issue until later.
Photo Credit: Bloomberg News
The United States has spent around $25 billion on the Iran war, Bloomberg reported citing Pentagon's budget chief, who was speaking to lawmakers on Wednesday. Acting Pentagon Comptroller Jules Hurst shared the estimate during testimony alongside Defense Secretary Pete Hegseth before the House Armed Services Committee on Wednesday.
Oil jumped from the highest close in almost four years as tensions between US and Iran, hinting a continuation in its naval blockade. Brent crude traded near $120 a barrel after soaring over 6% to the highest level since June 2022 on Wednesday.
The US is planning forfeiture of two Iran-linked oil tankers, which were seized by naval forces enforcing a blockade against the Islamic Republic, Bloomberg reported. Last week, US forces boarded the vessels Tifani and Phonix near Sri Lanka, according to the Pentagon.
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