Technologies

U.S. Energy Secretary Wright says Iran nuclear deal may never happen

Iran warned of faster, heavier retaliation against U.S. attacks while acknowledging the war’s mounting toll on its economy.

U.S. Energy Secretary Chris Wright on Sunday said the U.S. may not reach an elusive deal to constrain Iran from obtaining a nuclear weapon, as the U.S.-Iran conflict enters its seventh month.

“There may not be a nuclear agreement. It may be simply destroying their capabilities to do it,” Wright said on ABC News’ “This Week.” “An agreement may await the next administration in Iran. We simply don’t know that.”

Trump has repeatedly said preventing Iran from obtaining a nuclear weapon is a central objective of the U.S. campaign. He has also sought a negotiated deal with Iran throughout the war, which has sent energy prices soaring worldwide.

Wright’s comments suggest the administration may pursue its goal of preventing an Iranian nuclear weapon without reaching a negotiated nuclear agreement.

Pressed on whether Wright’s comments mean the U.S. will continue striking Iran when it attempts to rebuild its nuclear infrastructure, the energy secretary said, “You have to destroy their capabilities to do it.”

“We are degrading their capacity to develop nuclear weapons and ultimately to deliver them if they develop them,” he said. “It is a 47-year-long effort. This is not trivial, but the United States will get the job done and we will work in cooperation with our allies in the region.”

Asked about his comments again later during an appearance on CBS’ “Face the Nation,” Wright said President Donald Trump’s preference “is always to have a negotiated settlement and not use a military solution unless absolutely necessary.”

“The biggest role of our military in the region right now is to stop the export of any Iranian crude or crude-related products, natural gas, whatever,” he said. “We are strangling their economy to try to bring either a change in policy from the existing regime or a new regime.”

Iran threatens the U.S.

Iran’s “proportionate responses” to U.S. attacks are over, the country’s parliament speaker and top negotiator Mohammad Bagher Ghalibaf said Sunday, while acknowledging the economic impact of the war.

“If they haven’t understood by now, they should understand before it’s too late that the rules of the game have changed and that from now on, any violation of Iran’s interests and security will receive a ‘faster, heavier, and more painful’ response,” Ghalibaf said in a post on Telegram.

But Ghalibaf added that alongside the military conflict, Iran faces severe economic pressures.

“Severe fluctuations in the exchange rate, inflation, unemployment, and market management are fundamental challenges that have put serious pressure on people’s livelihoods,” Ghalibaf said.

He also stressed the need to rely more on domestic production and use technology to “devise short-term and permanent solutions.”

Ghalibaf’s remarks come after U.S. forces struck three Iranian crude oil carriers. U.S. Central Command said it permanently disabled one crude oil carrier off the coast of Kharg Island and one near Jask. Another oil tanker was attacked in the Gulf of Oman.

Mohsen Rezaei, the Secretary of Iran’s Supreme National Security Council, in Sunday said Tehran plans to announce a new restriction zone outside the Strait of Hormuz, Reuters reported. The restriction zone will include areas in the Gulf, he said.

CENTCOM said the attacks were in retaliation for ballistic missiles the Islamic Revolutionary Guard Corps launched toward two Navy warships in the region. According to CENTCOM, a U.S. aircraft carrier and guided-missile destroyer successfully evaded multiple attacks, and no American personnel were harmed.

“Let the message to the IRGC be clear: If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours,” Admiral Brad Cooper, CENTCOM commander, said in a statement Saturday. “We will not hesitate to defend American forces, and if necessary, destroy Iran’s limited and exposed oil fleet.”

Defense Sec. Pete Hegseth later wrote in a post on X: “It’s simple: if Iran shoots at U.S. ships, we will destroy (and sink) their oil tankers. All they have to do is not shoot at @USNavy.”

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries and exported 90% of its crude via Kharg Island before the war. Flows have been disrupted by a U.S. blockade of Iranian oil exports, which began in mid-April.

The conflict between Iran and the U.S. has effectively shut the Strait of Hormuz, a key waterway for the world’s oil supply before the war began on Feb. 28 with American and Israeli airstrikes.

U.S. President Donald Trump threatened in June to seize Kharg Island as the U.S. continued military strikes against Iran. Most recently, on Aug. 31, he posted an artificial intelligence-generated video of Kharg Island being blown up.

Tightening sanctions

The strike on the oil tankers came a day after the Treasury Department announced sanctions against a small Turkish investment bank and two of its subsidiaries, which the U.S. accuses of facilitating funds for an arm of Iran’s Revolutionary Guard.

The measures are part of sweeping sanctions the Trump administration launched in late August targeting Iran’s access to digital assets, advanced technology procurement, gold reserves, commercial aviation and shipping.

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

Iran’s gross domestic product is estimated to have contracted by 2.7% in the year ending March, according to the World Bank, citing economic disruption from last year’s widespread protests and intensified hostilities in the region.

Inflation surged to 62.2% in February, with food price inflation reaching a historical high of 99%, according to the World Bank. An Iranian official estimated that the war has caused the loss of one million jobs, according to the New York Times.

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.