WASHINGTON: President Donald Trump suggested on Monday that the ongoing conflict with Iran might conclude in the near future. His comments came even as Iran’s leadership publicly demonstrated support for the newly installed Supreme Leader Mojtaba Khamenei, signaling that Tehran is unlikely to retreat from the confrontation soon.
The mixed signals created volatility in global markets. Oil prices spiked while stock markets dropped sharply before recovering somewhat following Trump’s remarks and reports that sanctions on Russian energy could potentially be relaxed.
Speaking to Republican lawmakers, Trump said the war would continue until Iran was “fully and decisively defeated,” though he expressed confidence that the conflict would end quickly.
“It’s going to wrap up fairly soon,” Trump said, adding that the United States had already achieved significant progress but had not yet secured a complete victory.
However, the president did not clearly explain what conditions would define victory in the conflict.
According to Israel, its objective is the removal of Iran’s clerical leadership. U.S. officials have generally stated that Washington’s priority is dismantling Iran’s missile systems and nuclear program. Trump, however, has indicated that the war should only end once Iran has a government willing to cooperate with the United States.
Israeli leaders have also warned that any successor to Iran’s longtime Supreme Leader could be targeted unless Tehran abandons its hostile policies.
Oil prices surge amid disruptions
The conflict has effectively halted shipping through the Strait of Hormuz, a crucial route for about 20% of the world’s oil and liquefied natural gas supplies. Tankers have been unable to pass through the waterway for over a week, forcing some producers to suspend output as storage facilities fill up.
Benchmark Brent crude prices climbed roughly 7%, reaching their highest level since 2022 after briefly jumping as much as 29% during trading. Supply cuts from OPEC members, including Saudi Arabia,
contributed to the surge, although prices later retreated slightly after markets closed.
Fuel prices are a major political issue in the United States, particularly with the upcoming November midterm elections when Trump’s Republican Party hopes to maintain control of Congress.
A recent Reuters/Ipsos poll showed that 67% of Americans expect gasoline prices to increase in the coming months, while only 29% support the ongoing war.
After a discussion with Vladimir Putin, Trump announced that Washington may temporarily ease certain oil-related sanctions on selected countries in order to reduce supply shortages. Reports indicate that this step could include additional flexibility for Russian oil exports, a move that might complicate efforts to pressure Moscow over its war in Ukraine.
Officials are also considering other measures, such as releasing oil from U.S. strategic reserves or limiting American crude exports to stabilize supplies.
