Israel is saying it is prepared to continue its strikes in Iran, if necessary, as negotiations on a lasting truce continue between the U.S. and Iran.

"Our American friends are constantly updating us on the talks with Iran," Prime Minister Benjamin Netanyahu said in a video update Wednesday evening. "Our goals are the same. In anticipation of the possibility that fighting will resume, we are prepared for any scenario."

The Israeli military echoed it will be ready to strike if the two-week ceasefire ends without an extension or long-term deal.

"The IDF has been in a ceasefire with Iran for several days, in accordance with the directives of the political echelon. We are closely following what is happening in Iran and the negotiations that are underway," IDF spokesperson Effie Defrin said in a statement. "I want to emphasize that the IDF is well prepared in defense, we are prepared to attack again in a powerful manner quickly if necessary."

The U.S. will not renew waivers that allowed for the purchase of some Russian and Iranian oil without facing sanctions, Treasury Secretary Scott Bessent said. 

Speaking to reporters at the White House, Bessent said the U.S. will not renew general licenses allowing the purchase of Russian and Iranian oil. The treasury secretary said the oil that qualified for waivers was already on the water by March 11. The waivers expire this week.  

"We will not be renewing the general license on Russian oil and we will not be renewing the general license on Iranian oil," he said. "That was oil that was on the water prior to March 11, so all that has been used." 

Bessent said sanctions relief applying to Russian oil could have benefitted Russia to the tune of roughly $2 billion, but also said that number isn't confirmed.

Speaking to reporters at a White House briefing, Treasury Secretary Scott Bessent, whose estimated net worth is over $500 million, said that on gas prices, "the message is the short-term volatility for long-term gain." 

"The president's been very clear, again, as the secretary just said, this is short-term disruption for the long-term strategic goal of the United States to ensure that the world's leading state sponsor of terror cannot obtain a nuclear weapon," White House press secretary Karoline Leavitt said. 

It's not clear, however, how long those higher prices at the pump will last. In January, before the war began, the U.S. Energy Information Administration anticipated national gas prices to average $2.95 per gallon in 2027. Now, it projects gas prices will be $3.46 per gallon on average in 2027.

Treasury Secretary Scott Bessent echoed President Trump's comments that he believes the war with Iran could be over soon, but added those negotiations will decide how soon gas prices come down below $4 again.

"I'm optimistic that during the summer, we will see gas with a '3' in front of it sooner rather than later," Bessent said during an appearance at the White House briefing room. "It's bank week here in D.C., so I've been meeting with a lot of my Middle Eastern counterparts, the finance ministers, and they all say once the straits are open, they can start pumping again within one week."

Still, Bessent left a fairly wide date range for when the gas prices will drop. 

"I'm optimistic sometime between June 20 and Sept. 20 that we can have $3 gas again," he said.

The current average price for a regular gallon of gas is currently $4.11 nationwide, according to AAA. Just a month ago, that average was $3.70, and a year ago it was $3.17, according to AAA. In California, the priciest state in the country, a gallon of regular will cost you $5.88 on average.