Trump used his UN speech to threaten Iran with annihilation while claiming credit for peace in Gaza, a stance that deepens the energy crisis and leaves US allies exposed.

• Trump told the UN he may either cut a deal with Iran or destroy it, and the room sat silent through his applause line.
• Iran has not budged, has grown more hawkish, and denied reports it would reopen the Strait of Hormuz in exchange for easing the blockade of its ports.
• Trump and Treasury Secretary Scott Bessent said they are weighing a ban on diesel exports, which would keep fuel at home but cut off allies during a crisis the US helped start.
• He claimed the Gaza war was over while Israel keeps bombing tents and has expanded operations into the West Bank, South Lebanon, and Syria.
• The war has drained US munitions and interceptors, exposed the limits of American power, and left China looking like the steadier player.

Outlook: A decision on the diesel export ban is promised soon, and with Iran refusing to move, the energy squeeze and the political damage to Republicans heading into the midterms both look set to grow.