The Latest: Iran war has cost estimated $25 billion so far, Pentagon official tells Congress
President Trump posted to social media early Wednesday, a warning that Iran must reach an agreement, hinting at escalation, as negotiations remained deadlocked.
Additionally, the Association of Value Airlines asked for billions of dollars in "temporary government support" to help offset the jump in fuel prices. The organization, which represents Allegiant, Avelo, Frontier, and Sun Country Airlines, argued the $2.5 billion injection would help preserve "vital industry competition" and ensure airline ticket prices remain affordable.
The Ateela 2 Oil Tanker boat navigates the sea on April 28, 2026 on Qeshm Island, Iran in the Strait of Hormuz. (Photo by Asghar Besharati/Getty Images)
The United Arab Emirates announced early in the day that the country intended to leave OPEC at the end of the month. The move means the influential oil cartel would be losing one of its largest producers in the coming days.
The leaders of several Gulf nations blasted Iran for closing the Strait of Hormuz and threatening navigation through one of the world’s most important waterways. The statement, which described Iran’s actions as illegal, came after a Gulf Cooperation Council meeting that included representatives from Saudi Arabia, Qatar, Bahrain, Kuwait and the UAE.
Here's the latest from Wednesday:
USS Ford heading home after record-breaking deployment, sources say
7:58 p.m. ET: After being at sea for more than 300 days and participating in both the raid in Venezuela that captured President Nicolás Maduro and the conflict in Iran, the world's largest aircraft carrier may be headed home to Virginia.
Associated Press reports indicate that the Ford will depart the Middle East in the coming days and will be back in the states in mid-May, citing two anonymous U.S. officials.
Earlier this month, the ship broke the record for longest post-Vietnam War deployment with a nearly 10-month tour after leaving port last June.
Vance acknowledges concern over weapons supply
7:52 p.m. ET: Vice President JD Vance appeared dismissive of a report in The Atlantic that said he has privately expressed concerns about how the Pentagon is framing the conflict with Iran and the state of the United States' missile supply.
Vance did acknowledge asking questions about the military's status, but framed the questions as part of his job. In an interview with FOX News, the vice president said, "Of course, I'm concerned about, you know, our military readiness because that's my job to be concerned."
Vance went on to say that, as vice president, his role is to ensure that the administration is on top of every issue.
U.S. blockade hits ‘significant milestone’
5:02 p.m. ET: U.S. Central Command revealed Wednesday that American forces have redirected the 42nd commercial vessel that had tried to run the U.S. blockade of Iranian shores.
CENTCOM Adm. Brad Cooper called the latest intervention a "significant milestone." His post on X went on to describe the effects of the blockade on the Iranian economy so far.
"Right now, there are 41 tankers with 69 million barrels of oil that the Iranian regime can't sell," he wrote. That's an estimated $6 billion-plus from which Iran's leadership cannot financially benefit."
Iran war cost hits $25B, Pentagon tells Congress
11:40 a.m. ET: Defense Secretary Pete Hegseth says congressional Democrats are "the biggest adversary we face" as he takes questions from lawmakers for the first time since U.S. President Donald Trump launched the war against Iran. The war has cost an estimated $25 billion to date, mostly on munitions, the Pentagon's chief financial officer, Jules W. Hurst III told Congress during a hearing.
Trump prepared for longer blockade
8:18 a.m. ET: President Trump has told aides to prepare for a longer blockade if necessary.
Trump posted Tuesday that Iran is in a "state of collapse" citing the pressure campaign he says is working.
A ceasefire is still in play, but the status of Iran's nuclear program remains a focus for negotiations.
Trump: ‘No more Mr. Nice Guy’
6:45 a.m. ET: President Trump said on Truth Social that Iran must come to terms, signaling a possible escalation.
"They don't know how to sign a nonnuclear deal," the post stated. "They better get smart soon."
Trump via Truth Social
The Source: Information for this article was taken from the Associated Press and FOX News. This story was reported from Orlando.