Oil prices dropped sharply and U.S. stocks rebounded after President Donald Trump said the war between the United States, Israel, and Iran may be nearing its end. Speaking Monday, Trump described the conflict as “very complete, pretty much,” signaling that the intense military campaign could soon wind down.
The fighting, now in its second week, has reshaped global markets and heightened tensions across the Middle East. But the president said the military campaign has already achieved many of its objectives.
Oil Prices Drop as Markets React
Energy markets reacted quickly to Trump’s comments. Oil prices, which had surged earlier amid fears of disruption in the Middle East, fell below $100 per barrel after briefly reaching nearly $119 — the highest level in four years.
By Monday evening, crude oil was trading near $92 per barrel, roughly where it ended the previous week. Investors appeared encouraged by signs the war may not drag on as long as initially feared.
Trump acknowledged that rising fuel prices have affected Americans but called it “a small price to pay” for national security and preventing Iran from threatening global energy supplies.
The Strait of Hormuz — a critical route for oil shipments — has become a major focus. Trump warned Iran against disrupting the waterway, saying the U.S. would respond “TWENTY TIMES HARDER” if Tehran attempted to block the flow of oil.
Trump Says War Could End Soon
At a White House news conference, Trump suggested the conflict is close to its conclusion.
“It’s going to be ended soon,” he told reporters. When asked whether the war could end within a week, he responded, “No, but soon, very soon.”
Trump argued the campaign has significantly weakened Iran’s military capabilities. He said the country’s navy has been destroyed, much of its missile infrastructure eliminated, and its political leadership disrupted.
“They have no navy, no communications, they’ve got no air force,” Trump said. “There’s nothing left in a military sense.”
The president described the operation — dubbed Operation Epic Fury — as a “tremendous success,” though he indicated further actions could still occur.
“We could call it a tremendous success right now,” Trump said. “Or we could go further. We’re going to go further.”
Casualties Continue to Mount
Despite the optimistic tone from the White House, the conflict has taken a deadly toll.
The Pentagon confirmed the seventh American service member killed in the war as Army Sgt. Benjamin Pennington, 26, of Glendale, Kentucky. He died March 8 from injuries sustained during a March 1 Iranian attack on Prince Sultan Air Base in Saudi Arabia.
In addition to the fatalities, eight U.S. troops are reported to be seriously wounded.
Overall casualties in the conflict are far higher. At least 1,230 people have been killed in Iran, nearly 400 in Lebanon, and at least 11 in Israel since the fighting began.
Regional Conflict Expands
The war has also spilled into neighboring countries. Clashes between Israel and the Iran-backed militant group Hezbollah have intensified in Lebanon.
Nearly 700,000 people have been displaced as Israeli airstrikes and Hezbollah missile attacks continue. Lebanese authorities report hundreds killed in the fighting.
The growing regional instability has drawn in additional international players. French President Emmanuel Macron announced that France would deploy naval forces to the eastern Mediterranean and near the Strait of Hormuz to help protect shipping routes and regional allies.
Macron said the mission would be “strictly defensive” and aimed at preserving freedom of navigation in key maritime corridors.
Iran Pushes Back
Iranian officials have rejected Trump’s claim that the war is nearly finished. A spokesperson for Iran’s powerful Islamic Revolutionary Guard Corps said Tehran — not Washington — would decide when the war ends.
The spokesperson also warned that Iran could block oil exports from the region if the conflict escalates further.
Iran has continued missile attacks across the region, though U.S. officials say much of the country’s missile infrastructure has already been destroyed.
Political and Diplomatic Developments
Trump also confirmed he recently held a phone call with Russian President Vladimir Putin. According to Russian officials, the leaders discussed the conflicts in both the Middle East and Ukraine during what was described as a “frank and constructive” conversation.
Meanwhile, Iran named Mojtaba Khamenei — son of former Supreme Leader Ali Khamenei — as the country’s new leader following his father’s death in an Israeli airstrike earlier in the war. Trump said he was “disappointed” with the choice, suggesting it could lead to “more of the same problem” in Iran.
Controversies and Criticism
The war has also sparked political criticism in Washington.
Senate Minority Leader Chuck Schumer urged the administration to release oil from the U.S. Strategic Petroleum Reserve to help lower gasoline prices. He criticized Trump’s comments that higher fuel costs are a “small price to pay,” comparing the attitude to that of Marie Antoinette.
Another controversy involves a reported missile strike on an Iranian girls’ school that killed numerous children early in the conflict. Human rights groups have called for an investigation. Trump said he had not seen the footage and suggested the U.S. may not have been responsible, though some reports indicate American forces could have been involved.
Trump Defends Decision to Strike
Trump has maintained that the war was necessary to stop what he described as an imminent Iranian attack on the United States and its allies.
“Within a week, they were going to attack us — 100%,” Trump said. He also argued that Iran was approaching the point where it could deploy nuclear weapons.
“All I’m doing is keeping my promise,” Trump said, referencing a pledge he made during his 2015 presidential campaign to prevent Iran from obtaining a nuclear bomb.
As fighting continues across the region, Trump says the goal remains clear: finish the conflict and ensure Iran can no longer threaten global security.
“Families of the fallen told me one thing,” he said. “Make sure you win.”
