The Pentagon has estimated that the ongoing Iran war has cost the United States $25 billion and claimed 14 American lives, as Defence Secretary Pete Hegseth faced a tense Capitol Hill hearing.
Testifying before the House Armed Services Committee, Hegseth sharply criticised lawmakers from both parties who questioned the conflict, saying:
“The biggest challenge, the biggest adversary we face at this point are the reckless, feckless and defeatist words of congressional Democrats and some Republicans.”
The hearing, originally scheduled to review the Pentagon’s $1.45 trillion budget request, quickly turned contentious. At several points, Hegseth’s confrontational tone prompted Republican committee chairman Mike D. Rogers to intervene.
“Once I recognize a member, they have control of that five minutes,” Rogers said. “The witness has to recognize it’s their time.”
The session marked Hegseth’s first public testimony since the war began, amid growing political scrutiny and declining public support.
OPEC in ‘Crisis Mode’ Amid Energy Turmoil and UAE Exit
OPEC is facing one of its most serious crises in decades, as officials gather in Vienna amid global energy turmoil and the UAE’s decision to leave the bloc.
The organisation’s latest report showed rising oil demand and exports in 2025, particularly to Asia, Latin America and the Middle East. However, the UAE’s departure is expected to reshape future projections.
Officials have remained tight-lipped, declining to comment publicly on the implications, even as internal uncertainty grows within the organisation.
Trump Urges Iran to ‘Give Up’ as Oil Prices Surge
US President Donald Trump has defended Washington’s blockade of Iranian ports, calling it a success and urging Tehran to surrender.
“Just give up,” Trump said, while reiterating that Iran must abandon its nuclear ambitions.
Iran’s Parliament Speaker Mohammad Bagher Ghalibaf dismissed the US strategy, as tensions escalated in the Strait of Hormuz.
The standoff has pushed global oil prices above $120 per barrel, with petrol prices in the United States hitting a four-year high, adding to domestic economic pressure.
Israel’s Interception of Gaza Flotilla ‘Could Amount to Kidnapping’: Activist
Activists aboard a Gaza-bound aid flotilla have accused Israel of violating international law after naval forces moved to intercept vessels in international waters.
Gur Tsabar, a press officer for the Global Sumud Flotilla, said: “This is just a straight up attack on civilians in international waters. Unarmed civilian boats, hundreds of miles from Israel, are being surrounded and threatened at gunpoint.”
He added: “Israel has no jurisdiction in these waters. Intercepting or boarding these vessels would amount to illegal detention, potentially kidnapping on the high seas.”
Calling for global intervention, Tsabar said: “Every government has an obligation to protect the for over 400 civilians on board and uphold international law. Silence in this moment is absolute complicity,”
“There needs to be immediate intervention to ensure the flotilla’s safety and to ensure we can continue to open the humanitarian corridor to Gaza.”
Asia Faces Economic Strain as Oil Prices Climb
Rising oil prices triggered by the Iran conflict are placing significant strain on economies across Asia, which remain heavily dependent on energy imports.
With Brent crude touching $120 a barrel, the Asian Development Bank has cut its regional growth forecast from 5.1 percent to 4.7 percent and raised inflation projections from 3.6 percent to 5.2 percent.
The impact is already being felt widely, with higher fuel costs pushing up prices of essential goods, leading to job losses among factory and transport workers.
The aviation sector is among the hardest hit, with airlines raising fuel surcharges and cutting routes amid concerns over jet fuel shortages during a peak travel season.
US Seizes $500 Million in Iranian Crypto Assets
The United States has intensified its economic pressure campaign against Iran, seizing nearly $500 million in cryptocurrency assets, according to Treasury Secretary Scott Bessent.
“We were able to grab about 350 million crypto assets, and then on top of another 100 that we had recently gotten, so we’re almost at half a billion there, and we are freezing bank accounts everywhere,” Bessent said.
He added that Washington is pressuring foreign governments and companies to cut ties with Iran:
“We have gone to the buyers of Iranian oil and told them that … we are willing to do secondary sanctions on your industries, on your banks who tolerate Iranian oil in their system.”
Iran has rejected the campaign, warning it will only push oil prices higher. Ghalibaf criticised Bessent’s advice to Trump as “junk”.
Democrats Slam Rising Cost of Iran War
US Democrats have criticised the mounting financial and human cost of the Iran war following the Pentagon’s $25 billion estimate.
Congressman Mark DeSaulnier said:
“could have helped lower healthcare costs for millions of Americans”.
“Instead, we’ve lost 14 American servicemembers, driven gas prices way up, and made Americans less safe,”
Congressman Ro Khanna also criticised Defence Secretary Hegseth, saying:
“I asked Hegseth how much the Iran war is costing Americans in replacement costs, gas, and food prices? He had no clue of the economic harm,”
“Unbelievable,”
