Iran's government and former Oil Minister Mohsen Paknejad denied that Paknejad's recent resignation was a result of economic pressure from Washington. Government spokesperson Fatemeh Mohajerani called Trump's assertions a 'futile attempt to conceal failures,' while Paknejad stated that oil production and exports continued during the blockade. Independent naval data indicates that ships still transport 13.5M barrels of crude daily through the Hormuz passage, and the US expects to station 3 aircraft carriers in the region by November.
Tuesday, October 20, 2026
Story
Trump Claims Iran Military Is Wiped Out and Oil Prices Will Crash
Commodities13 days ago
The war with Tehran will conclude 'very soon' regardless of whether the resolution is peaceful, President Donald Trump told reporters at the White House on Wednesday. Trump asserted that the 'whole country and Iran's military' have been wiped out and predicted that crude oil prices would 'drop like a rock' to levels potentially lower than those seen before the outbreak of hostilities. He previously declared that the US Navy now controls the Strait of Hormuz and is sinking vessels that attempt to break a US blockade.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.