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Sen. Thom Tillis met with Federal Reserve chairman nominee Kevin Warsh, who President Donald Trump wants to replace Chair Jerome Powell. View More

Sen. Thom Tillis, R-N.C., talks with reporters in the U.S. Capitol during votes on Tuesday, March 10, 2026. Tom Williams | CQ-Roll Call, Inc. | Getty Images There is nothing that Federal Reserve chair nominee Kevin Warsh could say to get Sen. Thom Tillis to end his blockade on Warsh's confirmation, the North Carolina Republican said Tuesday.Tillis has vowed not to vote for any Fed nominees, including Warsh, until a criminal investigation into Fed Chair Jerome Powell is resolved. Powell, who denies any wrongdoing, has said he is really being targeted for his refusal to cut interest rates as broadly and as quickly as demanded by President Donald Trump."No, no," Tillis told reporters at the U.S. Capitol, when asked if Warsh could tell him anything at their meeting later in the day to change the senator's position on blocking a full Senate vote on the nomination."This is not about people, it's about process," Tillis said. "I think this is a foul."After the meeting, Tillis told reporters that he would vote against advancing Warsh's nomination from the Banking Committee if the Powell probe is not finished by then."This is about this is bedrock principle of Fed independence," the senator said. "The reason why I came out so strong so early is I believe that we, I, have no earthly idea what the market reaction would have been if suddenly the perception is that the Fed chair serves at the pleasure of the President, right?"Tillis noted that in addition to the pending Powell probe, the Supreme Court has yet to rule whether Trump has the power to fire Fed Governor Lisa Cook.Trump claims he wanted to fire Cook because of a claim by Bill Pulte, head of the Federal Housing Finance Agency, that she committed mortgage fraud. But defenders of Cook, who also denies wrongdoing, say she's being targeted like Powell because of her opposing Trump's demands on interest rates. Tillis on Tuesday called the effort to fire Cook "sophomoric.""Whoever came up with that idea should be fired, too," the senator said.Tillis on Tuesday said that he is "already impressed" with Warsh's skills."I've known of his work for quite some time, and that's why I'm so frustrated that I'm not going to be able to cast a vote until we dispose of the other issues," Tillis said.The senator noted that he and other members of the Senate Banking Committee were witnesses to Powell's testimony to that panel about the multi-billion-dollar renovation of the Fed's headquarters in Washington, D.C.Powell has said that he is under investigation in the U.S. Attorney's Office in Washington in connection with that project and for his testimony to the Banking Committee.Tillis on Tuesday said, "We had seven members of the Banking Committee who were witnesses at the alleged scene of the crime who said no crime was committed.""Why are we even still having this discussion and holding up a great nominee?" Tillis asked."I think it goes back to a young U.S. attorney with a dream, with a bogus basis for an investigation," he said. "They need to acknowledge that and step away from it so we can get him confirmed."Sen. Cynthia Lummis, a Wyoming Republican, praised Warsh after her own meeting with him on Tuesday."I had an incredibly productive, thoughtful conversation today with Kevin Warsh," Lummis said in a statement."I have always maintained that America needs a transparent, accountable Fed that embraces financial innovations like digital assets instead of stifling them," she said. "This is vital for our nation's financial future, and I look forward to speaking with him further to see how he intends to modernize the Fed and make it accountable to the American people and their representatives in Congress." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Ford CEO Jim Farley last month said diversifying Pro's revenue — specifically in software — is a crucial growth area for the company. View More

In this articleFFollow your favorite stocksCREATE FREE ACCOUNT 2023 Ford Super Duty F-550 Chassis CabFord DETROIT — Ford Motor is launching a new artificial intelligence system for its Pro commercial vehicle business as it tries to grow the unit's profits and software revenue.The Detroit automaker on Tuesday said the new "Ford Pro AI" can monitor and analyze more than 1 billion data points daily from connected commercial vehicles — from seatbelt use to vehicle health, route optimization and fuel consumption.  The goal is to equip its 840,000 paid commercial subscribers with tools to increase efficiency and profits and reduce vehicle downtimes by allowing them to more easily analyze their businesses and operations, according to Ford. The automaker reporting growing its Pro subscribers by 30% last year."Helping them maximize their vehicles' uptime, increase productivity, and lower costs isn't just good business — it's essential for all of us," said Kevin Dunbar, general manager for Ford Pro Intelligence, during a media briefing. "Our team is helping build the future of fleet operations."Ford Pro's fleet business includes sales to commercial, government and rental customers as well as its Super Duty large truck business.Ford CEO Jim Farley last month said diversifying Pro's revenue — specifically in software — is a crucial growth area for the company. He said Ford's software and physical services, such as its mobile service and maintenance, are "rapidly approaching" a 20% target for Pro's earnings.The new AI offering will be included with Ford's telematics subscribers, which have helped the company grow and diversify its revenue. Ford Pro last year reported $66 billion in revenue and $6.8 billion in earnings, with a 10.3% profit margin.The system is launching as a prompted, read-only format but Ford will continue to look at expanding its capabilities to meet customers' needs, Dunbar said. Pro AI is built off Google Cloud using proprietary data from the automaker, according to Ford. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The International Energy Agency will hold an extraordinary meeting on Tuesday to discuss a possible release of emergency stockpiles. View More

In this articleUSOFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO0:5300:53Energy Secretary Wright removes post saying U.S. Navy escorted tanker through Strait of HormuzThe Exchange Oil prices retreated Tuesday, even after Secretary of Energy Chris Wright wrongly claimed in a social media post that the U.S. Navy had escorted a tanker through the Strait of Hormuz. "The U.S. Navy has not escorted a tanker or a vessel at this time," White House Press Secretary Karoline Leavitt told reporters Tuesday. U.S. crude oil fell 11.94% to close at $83.45 per barrel. Brent crude, the global benchmark, lost 11.28% to settle at $87.80. Prices fell more than 17% immediately after Wright's post. "I was made aware of this post," Leavitt said. "I haven't had a chance to talk to the Energy secretary about it directly.""However, I know the post was taken down pretty quickly," she said. Wright had said "the U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz to ensure oil remains flowing to global markets." An Energy Department spokesperson, in a statement later Tuesday, said, "A video clip was deleted from Secretary Wright's official X account after it was determined to be incorrectly captioned by Department of Energy staff.""President Trump, Secretary Wright, and the rest of the President's energy team are closely monitoring the situation, speaking with industry leaders, and having the U.S. military draw up additional options to keep the Strait of Hormuz open, including the potential for our Navy to escort tankers," the spokesperson said.Traffic through the critical Strait has been severely disrupted as oil shippers fear attacks by Iran, keeping ships at anchor. About 20% of global petroleum consumption was exported through the narrow waterway prior to the war. Zoom In IconArrows pointing outwardsAn X status of United States Secretary of Energy, Chris Wright.Courtesy: Secretary Chris Wright via X Zoom In IconArrows pointing outwardsA deleted X status of United States Secretary of Energy, Chris Wright.Courtesy: Courtesy: Secretary Chris Wright via X Emergency stockpile meetingThe International Energy Agency will hold an extraordinary meeting on Tuesday to discuss a possible release of emergency stockpiles. The more than 30 members states are advanced economies in Europe, North America and Northeast Asia. They collectively hold 1.2 billion barrels of oil in reserve.The Iran war has triggered the biggest supply disruption in the history of the oil industry, according to an analysis by Rapidan Energy. Saudi Aramco's CEO warned that the war will have "catastropic consequences" for the market."While ​we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced," Aramco CEO Amin Nasser said Tuesday. Stock Chart IconStock chart iconOil prices year-to-date President Donald Trump warned Monday that Iran would be hit "twenty times harder" if it attempted to halt oil flows through the strait."If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a post on Truth Social.Traders bet on traffic resumptionFor now, markets appear to be betting the situation cannot last long and that navigation through the Strait will ultimately be restored, said Bob McNally, president at Rapidan Energy Group. "I think there's a lot of optimism in the market," McNally said. "We saw that today with the collapse in oil prices on what we used to call verbal intervention from the president."The market is still struggling to process the scale of the disruption, McNally said. Traders assumed for decades that no country would be allowed to shut the Strait. The fact that it has happened at all is "completely calamitous and unexpected," the analyst said. While Trump's comments have lifted markets, Andy Lipow, president of Lipow Oil Associates, said it was too early to draw concrete conclusions."We will have to wait and see how Iran responds to the President's comments and whether or not Iran will attack any oil infrastructure in the coming hours," he said. watch nowVIDEO4:3804:38Oil tankers transiting Strait of Hormuz "must be very careful," Iran Foreign Ministry warnsAccess Middle East — CNBC's Emma Graham, Eamon Javers, and Joseph Wilkins contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The 10-year Treasury yield was flat as oil prices tumbled after Trump warned that Iran would be hit harder if it tried to halt Strait of Hormuz shipments. View More

In this articleUSOCVXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO2:5002:50Aramco CEO warns of ‘catastrophic consequences’ amid Hormuz disruptionSquawk Box Europe The 10-year Treasury yield was little changed on Tuesday as oil prices tumbled after President Donald Trump warned that Iran would be hit "TWENTY TIMES HARDER" if it attempted to halt shipments through the Strait of Hormuz.The yield on the 10-year Treasury rose more than 1 basis point to 4.15%. The 30-year Treasury bond climbed more than 4 basis points to yield 4.784%. The 2-year Treasury note yield declined less than a basis point to 3.588%.One basis point is equal to 0.01%, and yields and prices move in opposite directions. "If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump said in a post on Truth Social Monday stateside.Trump had earlier signaled that the conflict with Iran could end soon, sending oil prices plunging 10% before paring losses. Oil prices suffered losses on Tuesday, however, settling below $90 per barrel. That's even after Energy Secretary Chris Wright falsely claimed in a social media post that the Navy escorted a tanker through the Strait.Tuesday will be "our most intense day of strikes inside Iran," according to Defense Secretary Pete Hegseth. He remarked that "Iran stands alone, and they are badly losing."Energy ministers from G7 met Tuesday to discuss a possible release of emergency oil reserves as a way to supply disruptions triggered by the Iran war, sources told CNBC. However, they did not make a decision.The talks come after the countries' finance ministers met Monday to consider tapping strategic reserves, though no decision was reached. Discussions among member states have been "positive," the sources said, adding that any coordinated release would likely follow the energy ministers' meeting.In a statement issued late Monday, International Energy Agency Executive Director Fatih Birol said he participated in the G7 finance ministers' meeting at the invitation of France to discuss the global economic outlook and the intensifying Middle East conflict."We discussed all the available options, including making IEA emergency oil stocks available to the market," Birol said.IEA member countries hold more than 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks held under government obligation. Birol added that he remains in close contact with energy ministers worldwide, including those in Saudi Arabia, Brazil, India, Azerbaijan and Singapore.Investors are also bracing for February inflation data due Wednesday, followed by the January personal consumption expenditures index and JOLTS job openings figures on Friday.— CNBC's Emma Graham contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

President Donald Trump on Monday suggested the war may be nearing an end, sending markets soaring and oil plummeting. View More

In this articleFollow your favorite stocksCREATE FREE ACCOUNT Sen. Elizabeth Warren, D-Mass., from center left, Sen. Chris Coons, D-Del., Sen Jon. Ossoff, a D-Ga., and Sen. John Hickenlooper, D-Colo., during the State of the Union address in the House Chamber of the Capitol in Washington, Feb. 24, 2026.Al Drago | Bloomberg | Getty Images Senate Democrats on Tuesday rebutted President Donald Trump's claims that the war in Iran may soon be over, warning that the U.S. risks getting dragged into another prolonged conflict in the Middle East. The concerns from Democrats who attended a bipartisan classified briefing with military brass on Tuesday stand in stark contrast with the president, who on Monday suggested the U.S. may be nearing the completion of its operation. Trump's statements sent slumping markets soaring and cratered oil prices that had skyrocketed in recent days.The senators were briefed as the Trump administration continues to whipsaw between explanations, goals and timelines for the war that has seen eight U.S. service members killed in action and left the longtime leader of Iran, Ayatollah Ali Khamenei, dead. "What I heard is not just concerning, it is disturbing," Sen. Jacky Rosen, D-Nev., a member of the Senate Armed Services Committee, whose members were briefed. "I'm not sure what the endgame is or what their plans are. ... And if he does want to put us in a forever war, which it seems like he does, he needs to come out and let us be able to have that discussion. "Do you think because he thinks he waves some magic wand that everything just stops? ... It's not going to stop just because he wishes it to be so," Rosen said. The pessimism from Democrats on an eventual U.S. end for the war it started with Israel against Iran comes as Congress awaits a potential supplemental funding request to finance the offensive. The effort has burned through billions of dollars of U.S. munitions, which will have to be refilled. Some Democrats said they would resist any request for further funding. Democrats have also balked at Trump failing to seek congressional authorization to begin the war."At this point, I am a hard no on a supplemental," said Sen. Elizabeth Warren, D-Mass., the top Democrat on the Senate Banking Committee. "No more money. The one thing Congress has the power to do is to stop actions like this through the power of the purse." "This is not a war supported by this country, and this is not a war that makes us safer," Warren said. Read more U.S.-Iran war newsOil eases after topping $110 as G7 considers emergency reserve release amid widening Middle East warWhy China can withstand oil's surge past $100 more easily than other countriesTrump says oil price surge is a 'small price to pay' for defeating IranPRO: Oil price surge could boost these Chinese stocks, Goldman saysIran names Ayatollah Khamenei's son, Mojtaba, as new supreme leader: Media reportsEnergy prices will fall when Iran's ability to attack tankers ends: WrightIran war could make affordability bigger issue in 2026 electionsTrump says no deal with Iran to end war without 'unconditional surrender'How Iran and Venezuela strikes transform the Trump-Xi trade talksGlobal week ahead: Diplomacy in ruins as G7 meets on IranChina says 'thorough preparations' needed as Trump-Xi meeting hangs in the balance amid Iran warWill Iran war fallout end the bull market? When investors really need to worry Lawmakers exiting the meeting said the size of the potential supplemental package was not given. Republicans, who hold a 53-47 vote majority in the Senate, appeared willing to support more funding for the war when they left the briefing. "Not in total dollar amounts that I've heard," said Sen. Jim Banks, R-Ind. "Obviously, there's a cost to it, but the trade-off is exponentially more, and this has been a very effective operation so far." "We need to do whatever it takes to accomplish the mission and do it as fast as we can," Banks said. The Washington Post on Monday reported that the military burned through $5.6 billion in munitions in the first two days of the war that began Feb. 28. Washington-based bipartisan think tank the Center for Strategic and International Studies estimates that the war is costing roughly $891 million per day. Sen. Tim Sheehy, R-Mont., a former Navy Seal, suggested the cost is worth it. "Iran's been at war with us for 47 years; we're trying to end this war," Sheehy said, referencing the years since the Iranian regime came to power. "We've had two presidential administrations give billions of dollars to Iran, that's what really cost [money]." Trump and Defense Secretary Pete Hegseth have painted a different picture of the timeline of the war than Democrats say they fear. Hegseth, at a press briefing earlier Tuesday pledged the U.S. will not enter another prolonged conflict in the Middle East, and Trump on Monday said the war would end "very soon."War costs are expected to only grow as the war drags on, and Democrats are warning there is no end in sight. The war dragging on could also see markets whip back and oil costs continue to soar, especially as the Strait of Hormuz, which carries roughly 20% of the world's oil remains largely impassible. Sen. Tim Kaine, D-Va., said there was "no discussion" about the safety of passing through the Strait during the briefing while he was in attendance. Sen. Mark Kelly, D-Ariz., a retired Navy captain, also said the U.S. doesn't appear to be nearing the end of the war after leaving the meeting."Clearly, they do not have a strategic goal," he said. "They didn't have a plan, they have no timeline. Because of that, they have no exit strategy." Correction: This story has been revised to reflect that Sen. Tim Sheehy, R-Mont., is a former Navy SEAL. A previous version misidentified the branch of the military in which he served. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

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Prices are up 21% from a month ago with the oil market roiled by the U.S.-Iran war. View More

In this articleUSOXOMMPCFollow your favorite stocksCREATE FREE ACCOUNT A Citgo gas station stands in Boston, Massachusetts, U.S., Jan. 6, 2026.Brian Snyder | Reuters Drivers are seeing the highest gas prices in more than a year and a half as the U.S.-Iran war disrupts the global oil trade.The average price per gallon of unleaded gas in the U.S. climbed to about $3.54 per gallon on Tuesday, according to AAA. That's the highest level seen since mid 2024 and marks a 21% increase from a month ago. Gas prices began surging last week after the U.S.-Israeli strike on Iran and the ensuing conflict crippled the key Strait of Hormuz passageway, leading to the biggest oil supply disruption in history. Gas prices last week saw their largest three-day jump since Hurricane Katrina in 2005, according to an analysis from Bespoke Investment Group.Before this month's surge, the national average gas price had fallen to lows going back to 2021, according to AAA. Prices are still well off records seen in the aftermath of the Russian invasion of Ukraine in 2022, data shows.President Donald Trump said Monday that he expects the war to end "very soon," offering hope for consumers that their pain at the pump could ease in the near future. Defense Secretary Pete Hegseth said Tuesday would be the "most intense day of strikes" in Iran.U.S. crude oil prices have whipsawed, last hovering around $84 per barrel after surpassing the closely watched $100 level earlier this week. Amin Nasser, chief executive of Saudi Arabian oil giant Aramco, said Tuesday that the war could have "catastrophic consequences" for the global oil market."While ​we have faced disruptions in the past, this one by far is the biggest crisis the region's oil and gas industry has faced," Nasser said. Affordability The rise in gas threatens to undermine Trump's focus on lowering the cost of living that was a pillar of his reelection campaign. Affordability remains a top political issue heading into the U.S. midterm elections this November that will determine whether Trump's Republican party retains control of Congress.Trump said at the World Economic Forum in Davos, Switzerland, earlier this year that there was "virtually no inflation" in the U.S. He pointed to sliding energy costs as an example of how the U.S. "defeated" inflation."Grocery prices, energy prices, airfares, mortgage rates, rent and car payments are all coming down, and they're coming down fast," Trump said at the January forum, during which gas prices sat near multiyear lows. "We've done a hell of a job in 12 months."Regardless of the war, gas prices tend to rise around this time of year as the spring break season kicks off, according to AAA spokesperson Aixa Diaz. Consumers should expect summer-blend gasoline to enter the market later in the spring, which is more expense than the winter blend currently sold."Those factors combined with elevated crude oil prices lead to higher pump prices," Diaz told CNBC. "No one knows how much higher gas prices will go. Oil is a volatile global commodity."What consumers pay going forward depends in part on the length of the disruption to the market, according to Raymond James analyst Bobby Griffin.If crude oil prices continue to rise, he said retailers will need to "chase" higher price tags to mitigate margin pressure. If crude stabilized at current levels, Griffin said oil sellers would have their margins squeezed for a few weeks.Even if crude declines, buyers may not see an instant drop to prices, the analyst said, as retailers do not tend to immediately pass down cost savings to drivers.— CNBC's Spencer Kimball and Dan Mangan contributed to this report.Markets shift and headlines fade, but the core principles of building long-term wealth remain constant. Join us for our third CNBC Pro LIVE, where investors of all backgrounds - from financial professionals to everyday individuals - come together to cut through the noise and gain actionable strategies for smarter, more disciplined investing. No matter where you're starting from, you'll leave with clearer thinking, stronger strategies. Enter your email here to get a discount code. Get Morning Squawk directly to your inboxThe Morning Squawk newsletter by Alex Harring is your rundown of five things to know before the stock market opens.Subscribe here to get access today. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Home sales made a small gain to start the year, but higher mortgage rates now could throw cold water on the spring season. View More

watch nowVIDEO1:1801:18February home sales see small reboundSquawk on the Street Home sales made a small gain to start the year, but higher mortgage rates now could throw cold water on the spring season.Existing home sales in February rose 1.7% from January to a seasonally adjusted, annualized rate of 4.09 million units, according to the National Association of Realtors. Sales were down 1.4% from February of last year. This count represents closed sales, so deals were likely inked in December and January, when mortgage rates fell a bit and stayed solidly in a low range near 6% on the 30-year-fixed mortgage. Rates were about a full percentage point higher the year before."Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains," Lawrence Yun, chief economist for the Realtors, said in a release. "Wage growth is now outpacing home price growth by almost four percentage points. Mortgage rates are also measurably lower compared to a year ago."Yun also noted that there are over 6 million more jobs now than there were in 2019, yet home sales per year are down by 1 million.Lower mortgage rates helped improve affordability slightly, but low inventory is still a significant headwind. There were 1.29 million units for sale at the end of February, an increase of 2.4% from January and 4.9% from February 2025. At the current sales pace, that is a 3.8-month supply, unchanged from January. A six-month supply is considered a balanced market between buyer and seller. More sellers who delisted their homes last fall, due to slower sales and weak consumer confidence, are relisting their homes now, according to Redfin, a real estate brokerage. Nearly 45,000 homes that were delisted last year were relisted for sale in January. That is the highest January figure since Redfin began tracking this metric a decade ago and represents a record 3.6% of homes that were on the market in January."Inventory is growing, but sluggishly," Yun said. "If demand picks up notably in the coming months and outpaces supply growth, home prices will inevitably rise. That is why increasing supply is so important to help limit home price growth, improve housing affordability, and boost transactions."Tight supply, however, is keeping prices just barely higher. The median price of a home sold in February was $398,000, an increase of 0.3% year over year. Sales continue to be strongest in the highest price category, properties listed at $1 million or above. Sales were down sharply on the lowest end of the market.It continues to take longer to sell a home, at 47 days, up from 42 days one year ago. First-time buyers represented 34% of total sales, an increase from 31% a year ago. Investors made up 16% of sales, unchanged from a year ago. Get Property Play directly to your inboxCNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.Subscribe here to get access today. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Industry seeks quick action on measures acceptable to govt instead of discussions goin on `in a loop’ View More

President Donald Trump on Monday had predicted that the war against Iran would be over "very soon," and warned that country against withholding oil afterward. View More

In this articleUAMYFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO2:2902:29Defense Sec. Hegseth: Today will be the most intense day of strikesSquawk Box Defense Secretary Pete Hegseth on Tuesday said, "Today will be, yet again, our most intense day of strikes inside Iran.""Iran stands alone, and they are badly losing on Day 10 of Operation Epic Fury," Hegseth said at a press conference at the Pentagon with Gen. Dan Caine, the chairman of the Joint Chiefs of Staff.Hegseth said that in the past 24 hours, the United States had seen "Iran fire the lowest number of missiles they've been capable of firing yet," even as he condemned Iran for attacking its Gulf neighbors, some of whom it had been allied with in the past, without provocation from those nations.He vowed the U.S. would send "the most fighters, the most bombers, the most strikes" against Iran on Tuesday to press to accomplish three military objectives.Those objectives, he said, are destroying Iran's missile stockpiles and ability to make missiles; "destroy their Navy;" and "permanently deny Iran nuclear weapons forever." US Defense Secretary Pete Hegseth speaks during a press conference on US military action in Iran, at the Pentagon in Washington, DC, on March 2, 2026. Brendan Smialowski | Afp | Getty Images "We're crushing the enemy in an overwhelming display of technical skill and military force," he said. "We will not relent until the enemy is totally and decisively defeated."But he also said that the Trump administration would not become bogged down in so-called nation-building efforts, like ones by the Bush and Obama administrations in Iraq and Afghanistan during wars there.Hegseth's aggressive and confident comments echoed those made a day earlier by President Donald Trump to reporters at his Miami-area golf club. Read more U.S.-Iran war newsOil eases after topping $110 as G7 considers emergency reserve release amid widening Middle East warWhy China can withstand oil's surge past $100 more easily than other countriesTrump says oil price surge is a 'small price to pay' for defeating IranPRO: Oil price surge could boost these Chinese stocks, Goldman saysIran names Ayatollah Khamenei's son, Mojtaba, as new supreme leader: Media reportsEnergy prices will fall when Iran's ability to attack tankers ends: WrightIran war could make affordability bigger issue in 2026 electionsTrump says no deal with Iran to end war without 'unconditional surrender'How Iran and Venezuela strikes transform the Trump-Xi trade talksGlobal week ahead: Diplomacy in ruins as G7 meets on IranChina says 'thorough preparations' needed as Trump-Xi meeting hangs in the balance amid Iran warWill Iran war fallout end the bull market? When investors really need to worry Trump had predicted that the war would end "very soon," because the destruction of Iranian military assets was happening much fast than he expected when attacks began by the United States and Israel on Feb. 28.He also warned Iran's ruling regime against withholding oil from world markets after the war."If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far," Trump wrote later Monday night in a Truth Social post. Hegseth, who initially had predicted that the war could last between three to eight weeks, told reporters on Tuesday that Trump now "gets to control the throttle" for the pace of the war, adding that the president is "the one deciding ... when we're achieving particular objectives.""And so it's not for me to posit whether it's the beginning, the middle, or the end," Hegseth said. "That's his, and he'll continue to communicate that."As Hegseth spoke, authorities in Abu Dhabi, United Arab Emirates, confirmed that a drone attack by Iran had ignited a fire at the oil refinery in the Ruwais Industrial Complex. No injuries were immediately reported.Trump told Fox News in an interview on Monday evening that he is "not happy" that Iran picked Mojtaba Khamenei as its new supreme leader, to succeed his father, Ayatollah Ali Khamenei, who was killed at the beginning of the war."I don't believe he can live in peace," Trump said of Mojtaba Khamenei.Trump also told Fox that "it's possible" he would be willing to speak with Iran's leaders."I'm hearing they want to talk badly," he said.At his news conference on Tuesday, Hegseth said of Khamenei, "He would be wise to heed our president and not pursue nuclear weapons." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.