In a striking policy pivot, U.S. Treasury Secretary Scott Bessent told Fox Business that Washington is evaluating lifting some sanctions on Iranian oil exports as energy prices surge. The administration is also considering releasing more oil from the Strategic Petroleum Reserve to contain costs. Notably, the Trump administration is not considering restrictions on U.S. oil and gas exports — a move that would further tighten global supply.
The diplomatic signals are dizzying. Even as Washington hints at sanctions relief, President Trump drew a provocative historical parallel during a meeting with the Japanese Prime Minister, comparing U.S. strikes on Iran to the attack on Pearl Harbor — the 1941 Japanese bombing that killed 2,390 Americans and precipitated U.S. entry into World War II. The analogy, made in the presence of the Japanese leader, carried obvious diplomatic baggage.
Israeli Prime Minister Benjamin Netanyahu, for his part, pushed back forcefully against claims that Israel had dragged Trump into the conflict. “Does anyone really believe you can tell President Trump what to do?” he said at a press conference. Netanyahu praised the close coordination between the two leaders and declared: “We are winning and Iran is being decimated.” He suggested the war could end “faster than people think.”