US President Donald Trump on Friday, 23 October 2026 said Washington could bring its conflict with Iran to a swift conclusion, but was still deciding whether to intensify military action or allow mounting economic pressure to further erode Tehran's position. Trump made the remarks to reporters on the White House South Lawn before departing for a campaign rally in Florida.

The Strait of Hormuz at the Centre

Trump placed particular emphasis on the Strait of Hormuz, one of the world's most critical maritime chokepoints for global energy supplies. He claimed that US naval operations had secured effective control over commercial oil movements through the strait while restricting Iran's access to the waterway.

'We're taking all the oil out that we want,' Trump said. Referring to the US Navy's role, he added: 'We have it blocked up for them, but nobody else.' He further claimed that oil shipments through the strait had actually increased during the confrontation — 'last week we took more oil out than we have ever taken it out, even before the war,' he said.

Key Strategic Dilemma

Trump framed the situation as a deliberate strategic choice rather than an unresolved crisis. 'We can end it very quickly, but Iran is a failing nation,' he said. The core question, as Trump posed it, was whether further military action was necessary when existing pressure was reportedly already delivering results. 'The question is, do we want to finish it off, or do we just want to let it wither? Because we're getting everything we want,' he said.

He argued that the American military campaign had left Iran economically weakened and that Washington was now positioned to determine the next phase of the confrontation. Notably, Trump did not clarify what additional military action he might authorise, nor did he indicate whether any diplomatic negotiations with Tehran were under consideration.

Iran's Economic Pressure

Trump maintained that the sustained campaign was visibly taking a toll on Iran's domestic economy. 'So we have that, and they have inflation, they have no money,' he said. The President presented the situation as one in which the United States could comfortably maintain its existing posture or, if it chose, escalate decisively.

This comes amid broader US foreign policy activity, with Trump's remarks covering trade negotiations and domestic political developments ahead of the US midterm elections in the same White House exchange with reporters.

What Comes Next

The President left the strategic options explicitly open-ended. Analysts will be watching for any signal from the Pentagon or the State Department on whether the administration is leaning toward a negotiated off-ramp or a further tightening of the military and economic vice around Tehran. With midterm elections on the horizon, the framing of Iran as a 'failing nation' under US pressure carries clear domestic political resonance as well.