In short:

Donald Trump says he will declare the Strait of Hormuz a US territory after defeating Iran and has urged Americans to accept paying “a tiny little bit more” for gasoline.

US Treasury Secretary Scott Bessent says the US is going to apply measures that have “never been seen” on Iran as soon as next week.

While hostilities between the US and Iran have calmed in recent weeks, the Navy has reimposed a blockade on Iranian ports in the Hormuz strait and the Trump administration has offered no clarity on how it intends to wind down the war.