These mixed signals created uncertainty across global markets. Oil prices jumped sharply while stock markets fell before later recovering after Trump’s remarks and reports that some sanctions on Russian energy exports might be relaxed.
Speaking to Republican lawmakers, Trump said the war would continue until Iran is “totally and decisively defeated.” At the same time, he expressed confidence that the conflict could end quickly. “It’s going to be finished pretty quickly,” Trump said. “We’ve already won in many ways, but we haven’t won enough.”
Despite his strong statements, Trump did not clearly explain what a final victory in the war would look like. Israel has said its main goal in the war is to overthrow Iran’s clerical leadership. U.S. officials, however, say Washington’s priority is to destroy Iran’s missile capabilities and nuclear programme.
Trump has suggested that the war could only end if Iran eventually forms a government that cooperates with the United States. Earlier, Israel also warned that it would target anyone who replaced the late Ayatollah Ali Khamenei if Iran continued its hostile policies.
Oil surges, then dips back
The conflict has also disrupted global energy supply. The Strait of Hormuz, one of the world’s most important oil shipping routes, has effectively been shut due to the fighting.
Around one-fifth of the world’s oil and liquefied natural gas passes through this narrow waterway. With oil tankers unable to sail for more than a week, some producers have been forced to stop pumping oil because storage facilities are becoming full.
This disruption pushed global oil prices sharply higher. Brent crude futures rose about 7 percent and reached their highest level since 2022 after briefly jumping as much as 29 percent during trading. However, oil prices later dropped slightly after trading closed.
The rising cost of gasoline is becoming an important political issue in the United States. Many voters say fuel prices are one of their biggest concerns ahead of the November midterm elections, when Trump’s Republican Party will try to maintain control of Congress.
Must Read: Iran war: How much has the US spent in the first week?
A Reuter’s poll released Monday found that 67 percent of Americans expect gasoline prices to increase in the coming months. At the same time, only 29 percent said they support the war. After speaking with Russian President Vladimir Putin, Trump said the United States may temporarily lift oil-related sanctions on “some countries” to reduce supply shortages.
According to several sources, this step could include easing restrictions on Russian oil exports. Such a move could complicate international efforts to pressure Moscow over its ongoing war in Ukraine. Officials are also considering other options to stabilize the global oil market. These include releasing crude oil from strategic reserves or limiting U.S. oil exports to increase domestic supply.
