The US president threatened to “annihilate the Islamic Republic” or make a deal after the midterms — and tied the world’s fuel bill to both.
UNITED NATIONS, New York — 22 September 2026
President Donald Trump used his address to the 81th session of the UN General Assembly on Tuesday to defend America’s war with Iran, threaten its leadership, and promise global relief at the petrol pump.
Opening with a defence of his administration’s record on border security, employment and economic growth, Trump cast himself as “a man of peace” before turning on Tehran, which he described as a “fanatical” regime responsible for 51 years of terror.
He said the US had offered Iran economic co-operation in exchange for ending its nuclear programme and backing for terror, that Tehran refused, and that Iran then pursued missiles capable of reaching Europe and America.
“Deal or annihilation”
Trump framed the choice in blunt terms: “Will a deal be made with Iran that lets them rebuild and create a far greater country than it was before, maybe one of the greatest in the Middle East and possibly the world? Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to destroy people and countries again?”
He predicted a deal would come right after the US midterm elections.
The oil pledge
The president then called on every nation to join Washington in enforcing “the complete economic isolation of Iran” until it stops attacking commercial shipping, abandons its nuclear ambitions and ends its support for terror.
“If we stand united, we will soon see a world free of the last 51-year menace of Iranian terror, and oil prices will come plummeting down even lower than they were at the start of the conflict,” he said.
The supply-side bet
Washington is backing the ultimatum with barrels. In late August, the US announced a landmark agreement giving it majority control of more than 65 billion barrels of proven Venezuelan reserves — a deal the White House called the largest in history. American forces have also protected more than 1 billion barrels of crude moving through the Strait of Hormuz, according to US Central Command, including a recent escorted convoy of 40 commercial vessels carrying roughly 18 million barrels.
Markets react first
Traders moved before politicians did. Brent crude slipped below $100 a barrel for the first time in two weeks after Trump revealed that US and Iranian officials had held a three-hour meeting at UN headquarters on Tuesday, mediated by Qatar. His envoys Steve Witkoff and Jared Kushner called the talks “encouraging, constructive and successful.” Iran’s foreign ministry pushed back, denying it had dropped its preconditions.
Oil prices later trimmed their losses during the speech itself.
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