Trump tells Vice-President Vance to drop Iran talks and focus on domestic anti-fraud work

U.S. President Donald Trump directed Vice-President J.D. Vance to focus completely on domestic anti-fraud work instead of negotiating a deal with Tehran. Mr. Trump stated on social media that the United States does not need a deal with Iran, adding that the country has hundreds of billions of dollars of Iranian money and control of the Strait.

Political Fallout

The announcement followed sweeping losses for the Republican Party in midterm elections, which gave Democrats control of Congress. Public anger over surging fuel prices from the ongoing war with Iran drove voters away from Republicans. Mr. Vance himself blamed the conflict for the party's ballot box losses. Oil prices rose after the social media remarks, while Wall Street futures slipped further. Earlier, the Wall Street Journal reported that Mr. Vance was considering face-to-face talks with a top Iranian security official after being empowered by the president.

Context

The ongoing conflict began with U.S.-Israel strikes on Iran in late February, prompting Tehran to choke off the Strait of Hormuz and disrupt global energy transit. Meanwhile, tensions continue on multiple fronts as Iran's army reported that two rogue oil tankers hit sea mines east of the Strait of Hormuz and caught fire.