Trump signals Iran war nearing end as oil prices surge, markets react

By Benedicta Aboh

U.S. President Donald Trump on Monday suggested that the ongoing war with Iran could be nearing its end, saying military operations were “very complete” and progressing faster than expected.

Speaking to CBS News, Trump said Iran’s military capabilities had been severely weakened, claiming the country now had “no navy, no communications, and no air force.”

He added that the United States was already far ahead of the four- to five-week timeline he had earlier projected for the conflict.

Despite the remarks, tensions remain high in the Middle East. Iran, now under the leadership of Mojtaba Khamenei following the appointment by the country’s Assembly of Experts, launched fresh missile and drone attacks targeting Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, and Israel.

A missile fired toward Turkey, a NATO member, was intercepted by the alliance’s air defence system.

The conflict has disrupted global markets. Oil prices surged past $100 per barrel after Iran blocked the strategic Strait of Hormuz, a key route for nearly 20 percent of the world’s crude oil shipments.

The spike pushed global markets lower before Trump’s comments helped Wall Street recover slightly.

French President Emmanuel Macron said France and its allies were considering a defensive naval mission to reopen the strait and escort oil tankers once the most intense phase of the conflict subsides.

Meanwhile, Iran’s allies, including Yemen’s Houthi rebels and Lebanon’s Hezbollah, pledged support for the new supreme leader, while Russia signaled backing for Tehran.

Analysts warn that the continuing disruption to oil supply could fuel global inflation and increase energy prices worldwide, with several countries already bracing for rising fuel costs.