Live updates: U.S. sub sinks Iranian warship, Hegseth says; Bessent vows to protect Gulf oil trade

What you need to know

War escalates:Israel says it has launched its latest round ofattacks on Tehran, with the country's defense minister vowing to "crush" the Iranian regime's capabilities.Iran's warships:The United States Central Command said it had destroyed17 Iranian shipsand nearly 2,000 targets, and dealt a severe blow to Tehran's defenses.Iran's new leader:Iran's senior clerics responsible for selecting the next supreme leader are considering namingMojtaba Khamenei, son of the late Ayatollah Ali Khamenei, to the top post, according to reports.Travel disruptions:Air travel around the region remains severely disrupted.Oil and trade:AnLNG tanker bound for Europewas diverted to Asia, marking the first time a ship has reversed course during the current price spike.

The U.S.-Iran war is in its fifth day and continues spreading into the wider region. The U.S. will provide measures to stabilize oil shipments in the Gulf, Treasury Secretary Scott Bessent said Wednesday. Speaking on CNBC's "Squawk Box," Bessent said the administration will make a series of announcements on energy transport in the region.

Defense Secretary Pete Hegseth, in a briefing Wednesday with reporters, said "America is winning decisively" and "more forces are arriving." Joint Chiefs of Staff Chairman Gen. Dan Caine joined Hegseth.

Iranians are preparing a three-day funeral ceremony to mark the death of Supreme Leader Ayatollah Ali Khamenei who was killed in the opening salvos of U.S.-Israeli war on Iran. The country continued its drone and missile strikes on neighboring countries for a fifth day. Gulf nations have sought to stress that their weapon stockpiles remain sufficient.

Executives from U.S. defense contractors Lockheed Martin and RTX, the parent company of Raytheon, are expected to meet White House officials Friday to discuss accelerating weapons production.

The meeting comes against the backdrop of President Donald Trump's remarks Tuesday that the U.S. had a "virtually unlimited supply" of "medium and upper medium grade" weapons, swatting back against reports that anti-drone defenses may be in short supply after heavy use. The United Arab Emirates and Qatar also denied reports that their inventories of Patriot interceptor missiles were running low.