Technologies

U.S. Energy Secretary Wright: Iran Nuclear Deal May Never Materialize

U.S. Energy Secretary Chris Wright suggested that a nuclear agreement with Iran may never come to fruition, indicating the administration might instead focus on degrading Tehran’s nuclear capabilities. His comments reflect growing uncertainty over diplomatic solutions amid escalating military and economic pressure.

U.S. Energy Secretary Chris Wright stated on Sunday that the United States might not achieve a long-awaited agreement to prevent Iran from developing nuclear weapons, as the ongoing U.S.-Iran conflict continues into its seventh month.

“There may not be a nuclear deal. It might just come down to dismantling their capabilities,” Wright told ABC News’ “This Week.” “Such an agreement could be delayed until Iran’s next administration. We simply don’t know.”

President Trump has consistently emphasized that stopping Iran from acquiring a nuclear weapon remains a key goal of U.S. efforts. Throughout the conflict, he has also attempted to negotiate a deal with Iran, even as energy prices have climbed globally.

Wright’s remarks indicate the administration may aim to stop an Iranian nuclear weapon without signing a formal nuclear agreement.

When asked if his comments suggest the U.S. will continue attacking Iran whenever it tries to reconstruct its nuclear facilities, Wright replied, “You have to eliminate their ability to do so.”

“We are reducing their capacity to build nuclear weapons and, eventually, to deploy them if they succeed,” he said. “This has been a 47-year effort. It’s not easy, but the United States will complete the mission and collaborate with our regional allies.”

Later, during an interview on CBS’ “Face the Nation,” Wright reiterated that President Donald Trump “always prefers a diplomatic resolution and avoids military action unless absolutely necessary.”

“The primary role of our military in the region right now is to prevent the export of Iranian oil or oil-related products, natural gas, or anything else,” he said. “We are strangling their economy to push for either a policy shift from the current regime or a new one.”

Iran vows retaliation

Iranian Parliament Speaker and chief nuclear negotiator Mohammad Bagher Ghalibaf declared on Sunday that Iran’s “proportional responses” to U.S. attacks have ended, though he acknowledged the economic toll of the war.

“If they haven’t realized it yet, they should know before it’s too late that the rules have changed and that any future threat to Iran’s interests and security will be met with a ‘faster, heavier, and more severe’ response,” Ghalibaf said in a post on Telegram.

However, Ghalibaf admitted that alongside the fighting, Iran is dealing with serious economic challenges.

“Sharp fluctuations in exchange rates, inflation, unemployment, and market regulation are major issues putting significant strain on people’s livelihoods,” he said.

He also emphasized the importance of relying on domestic production and leveraging technology to create “short-term and lasting solutions.”

Ghalibaf’s statements follow U.S. airstrikes on three Iranian oil tankers. According to U.S. Central Command (CENTCOM), American forces permanently disabled one tanker near Kharg Island and another off Jask. A separate vessel was targeted in the Gulf of Oman.

Mohsen Rezaei, Secretary of Iran’s Supreme National Security Council, announced on Sunday that Tehran intends to establish a new restricted area near the Strait of Hormuz, which will cover parts of the Persian Gulf, as reported by Reuters.

CENTCOM stated that the attacks were a response to ballistic missiles launched by the Islamic Revolutionary Guard Corps (IRGC) at two U.S. Navy warships. According to CENTCOM, a U.S. aircraft carrier and a guided-missile destroyer evaded the incoming threats, and no American personnel were injured.

“Let the IRGC hear this: if you fire at our ships, we will impose even greater economic consequences — taking out three more of yours,” said Admiral Brad Cooper, CENTCOM commander, in a statement issued Saturday.

“We will not hesitate to protect American forces and, if required, destroy Iran’s limited and vulnerable oil fleet.”

Secretary of Defense Pete Hegseth echoed the sentiment in a post on X, writing: “It’s straightforward: if Iran attacks U.S. Navy ships, we will destroy (and sink) their tankers. All they need to do is stop targeting @USNavy.”

As the third-largest oil producer within OPEC, Iran exported roughly 90% of its crude through Kharg Island prior to the war. Oil exports have been severely disrupted by a U.S.-led blockade initiated in mid-April.

The ongoing conflict between Iran and the U.S. has effectively shut down the Strait of Hormuz — a critical route for global oil supplies — since hostilities began on February 28 with joint American and Israeli airstrikes.

In June, President Donald Trump threatened to occupy Kharg Island as U.S. strikes on Iran continued. More recently, on August 31, he shared an AI-generated video depicting the destruction of Kharg Island.

Expanding sanctions

The attack on oil tankers occurred one day after the Treasury Department imposed sanctions on a small Turkish investment bank and two of its subsidiaries, accusing them of supporting financing for a branch of Iran’s Revolutionary Guard.

These actions are part of broader sanctions introduced by the Trump administration in late August, targeting Iran’s access to digital currencies, advanced technology procurement, gold reserves, commercial aviation, and maritime trade.

Iranian President Masoud Pezeshkian said last month that the country’s foreign trade has declined sharply.

According to the World Bank, Iran’s GDP contracted by 2.7% in the year ending March, largely due to economic disruption from widespread protests last year and increased regional tensions. Inflation reached 62.2% in February, with food prices rising to a record high of 99%, per the World Bank. A New York Times report cited an Iranian official estimating that the war has resulted in the loss of one million jobs.

Technologies

SEC Advances Crypto Custody Rules Amid Stalled Legislation

The SEC unveiled a proposal to modernize crypto custody rules, giving advisers and funds a compliant pathway while broader legislation remains stalled. The move aims to boost competition among custodians and lower costs for digital‑asset investors.

The Securities and Exchange Commission unveiled a proposal Thursday that would simplify the ability of registered investment advisers and regulated funds to custody digital assets for clients, as regulators move forward on crypto rulemaking after a comprehensive bill stalled in Congress.

Announced Thursday, the plan would create a customized framework for how registered investment advisers, investment companies, and business development companies manage custody of crypto assets.

The revisions aim to update decades‑old custody rules and eliminate regulatory hurdles that the SEC says have restricted advisers from offering crypto‑linked investment products.

Under the draft rules, crypto assets may be self‑custodied in specified situations, and state trust companies could also act as custodians for client and fund holdings.

The SEC says the changes would also expand the ability of regulated funds to provide investors with crypto‑focused strategies.

Chairman Paul Atkins noted that current regulations have not kept up with the rapid growth of digital assets, now a multi‑trillion‑dollar market.

“Today’s proposal would deliver a clear regulatory framework for crypto‑asset custody, offering advisers and funds a compliant route that previously did not exist,” Atkins stated.

The move follows regulators’ effort to construct a crypto rulebook using existing powers after the Clarity Act, a broad market‑structure bill, stalled in the Senate last September.

It represents another step in the SEC’s broader overhaul of the U.S. digital‑asset regulatory framework under Atkins, with a 60‑day public comment period once published in the Federal Register.

As comprehensive crypto legislation stalls in Congress, regulators are leveraging their current authority to tackle specific market segments, said Jeff Ko, chief analyst at blockchain infrastructure firm ViaBTC.

“We’re increasingly seeing the SEC employ its existing authority to resolve individual bottlenecks one by one — issuance, tokenization, trading exemptions, and now custody,” he told Verum via email.

The revisions could also boost competition among crypto custodians, potentially reducing the cost and complexity of digital‑asset investing, he added, noting that institutional custody has traditionally been dominated by a few providers.

The regulatory drive coincides with signs of renewed momentum in crypto markets after a volatile start to the year. Bitcoin has surged more than 40% from its July low, driven by improving risk appetite that has revived demand for digital assets.

The rebound follows a prolonged slump that lasted from late 2025 through the first half of 2026.

Technologies

Passengers and crew foil co-pilot’s apparent attempt to crash FlyDubai flight to Israel

One of the pilots on a FlyDubai flight headed for Israel stabbed the second pilot, according to Israeli Prime Minister Benjamin Netanyahu.

On-duty flight crew and passengers managed to foil a pilot’s apparent attempt to crash a FlyDubai flight, after reports emerged of a fight in the cockpit.

The incident on flight FZ1073 from Dubai to Tel Aviv happened when a co-pilot stabbed a pilot, according to Israeli Prime Minister Benjamin Netanyahu, who praised the victim’s quick thinking.

“Despite being stabbed and seriously injured, he fought back, resisted, opened the cockpit door, and enabled passengers and crew to overpower the attacker — preventing a catastrophic mid-air disaster. He saved the lives of 174 people, including Israeli citizens and other nationals,” Netanyahu wrote in a post on X.

FZ1073 was diverted to the Tabuk airport in Saudi Arabia, the airline said, after being successfully secured and diverted by flight crew.

FlyDubai in a statement said that an “altercation” occurred on the flight deck of the plane, but did not mention a stabbing.

However, the airline added that the underlying reasons and motives for the clash is currently unknown, urging all parties to refrain from speculation.

The injured pilot was identified by Netanyahu as Indian national Smit Machchhar. No details have been released on the identity of the attacker, except that he was being interrogated by Saudi authorities.

The Indian embassy in Riyadh said on X that Machchhar is in a hospital in Tabuk, and is reported to be in stable condition.

The Israeli Prime Minister also identified the passenger who broke into the cockpit as Yaniv Hayun, calling him a “hero” and adding he deserved “a global medal of honor.”

Flight data from tracking site FlightRadar24 showed that the plane had experienced extreme altitude fluctuations before broadcasting a “general emergency” squawk code.

FZ1073 had dropped from over 14,000 feet in just 29 seconds, and FlightRadar24 also added that vertical speeds ranging from approximately -30,000 to +10,000 feet per minute were observed from the transponder data.

For context, vertical speeds during normal operations rarely exceed plus or minus 4,000 feet per minute, it added.

Technologies

South Korean President Lee Reins In Alaska LNG Project Participation Following Trump’s Endorsement

South Korea’s proposed $200 billion U.S. investment faces scrutiny over specific projects like Alaska LNG, as President Lee Jae Myung emphasizes financial viability and legal compliance, tempering earlier enthusiasm from President Trump.

South Korea’s proposed $200 billion investment in the U.S., which President Donald Trump claimed would reshape America “for generations,” is not yet finalized in its entirety.

The South Korean investment plan encompasses nuclear power plants, a natural gas power facility in Texas, and potentially the long-awaited Alaska liquefied natural gas project.

Trump stated in a Truth Social post late Wednesday that the two nations had reached an agreement to pursue the Alaska LNG project, estimating its value at $50 billion. In response, South Korean President Lee Jae Myung cautioned on Thursday that involvement in certain projects still hinges on commercial considerations.

Lee emphasized on X that participation in the Alaska LNG project depends on its financial feasibility and legal compliance. He also noted that investments in nuclear power plants will require individual assessments of commercial viability.

The U.S.-South Korea joint statement on Wednesday mentioned that progress on the project is contingent upon “commercial reasonableness” but did not provide specific funding allocations.

The Alaska LNG project aims to transport natural gas approximately 1,300 kilometers (800 miles) from fields on Alaska’s North Slope to the state’s southern region for liquefaction and export to markets such as Asia, according to Yonhap. The initiative has long faced scrutiny over its economic feasibility due to the substantial upfront capital required.

Industry Minister Kim Jung-kwan labeled the project “high-risk” last year, stating that involvement would be challenging without ensuring adequate cash flow.

Overall, the investment package includes $22.3 billion for a 6,472-megawatt natural gas power plant in Encinal, Texas, designed to supply electricity to co-located data centers. The project will be spearheaded by developer Related Cos. and U.S. energy company NextEra Energy.

Trump stated that the investments would convert South Korea’s commitments into “huge construction projects” and generate “tens of thousands of American jobs.”

“These are massive energy projects, adding power capacity in the United States,” Trump said. “This is new construction, new manufacturing, and great jobs for American workers.”

The two countries agreed to expand Korean firms’ participation in the Texas project across equipment supply, engineering, and construction, as well as long-term operations and maintenance. The U.S. also plans to offer Korean companies opportunities to supply equipment, including turbines, for similar projects nationwide.

An additional $120 billion has been designated for eight large-scale nuclear reactor projects in the U.S. Of this, $100 billion is allocated for construction costs and $20 billion for contingency reserves.

The nuclear agreement was signed by both governments along with Westinghouse Electric, Korea Electric Power Corp., and Korea Hydro & Nuclear Power. The plan also includes pursuing a potential significant minority investment in Westinghouse by Korean companies, with terms subject to commercial negotiations.