Trump says U.S. is hitting Iran economically and militarily

Mike Waltz, the U.S. ambassador to the United Nations, said the war with Iran could continue for another year, far longer than Trump's earlier estimate of four to five weeks.

Trump has described the U.S. campaign in blunt terms, saying the United States is hitting Iran "economically and militarily" and had knocked the "hell out" of the country. On Oct. 25, he suggested the United States could launch another attack as soon as Sunday or reach a major agreement with Tehran. A day later, he ruled out strikes for Oct. 26.

What the U.S. wants: Waltz said Washington will not consider its central objectives met until Iran disposes of its highly enriched uranium and accepts what he called a meaningful agreement limiting domestic uranium enrichment. He said he hoped Tehran would negotiate before the fighting reaches the one-year mark.

The pressure campaign: Waltz said Trump and the U.S. Navy could maintain a blockade on Iranian ports for the foreseeable future, alongside a tightening economic-pressure campaign. Iran said renewed U.S. and Israeli attacks would achieve no different outcome.

The military pressure is running directly into the global oil market. Traffic through the Strait of Hormuz has fallen sharply from prewar levels, even as the U.S. escorts some tankers along a route it says remains open. Iran said it struck four vessels in the Persian Gulf on Oct. 23 after they used that U.S.-endorsed route, and said three more vessels hit sea mines after using the same lanes.

Why it matters: The Strait of Hormuz is one of the world's most important oil transit routes. CBS News reported that Brent crude reached $112 a barrel on Oct. 22, its highest price since May 18. Saudi Aramco says it has expanded the capacity of its East-West pipeline, which bypasses the strait, from 2 million to 7 million barrels a day. That alternative route is useful, but it is also under threat from Houthi attacks.

The immediate question is whether Trump's next move is another strike, talks with Tehran, or a longer version of the war his own ambassador says could last through next October.