Trump indicates US-Iran war could be ending as Middle East tensions rise, oil prices surge, and markets respond to renewed missile attacks

President Donald Trump indicated on Monday that US military operations in Iran could be nearing completion, describing the war as “very complete” and advancing ahead of schedule.

Also read: Israel Intensifies Strikes on Iran Amid Escalating War

Trump’s remarks came amid fresh missile attacks from Iran under new leader Mojtaba Khamenei, targeting Gulf neighbours and signalling that the strategic Strait of Hormuz may remain closed.

Stock markets initially slumped and oil prices surged past $100 a barrel before Wall Street rebounded following Trump’s comments.

“I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no air force,” Trump told CBS News, repeating assessments of battle damage he has previously shared.

He added that US forces are “very far” ahead of his initial timeframe of four to five weeks.

Iranian troops launched new missile and drone strikes on Saudi Arabia, Bahrain, Qatar, the UAE, and Israel on Khamenei’s first day in power.

A missile targeting NATO member Turkey was intercepted by the alliance’s air defences, marking the second such incident in five days.

The blockage of the Strait of Hormuz has driven benchmark oil prices to their highest levels since Russia’s invasion of Ukraine in 2022, triggering global inflation concerns.

French President Emmanuel Macron announced a “purely defensive” mission to reopen the strait once the “hottest phase” of the conflict ends, though experts warn that naval forces remain at risk from Iranian attacks.

Kamal Kharazi, a foreign policy adviser to Iran’s supreme leader, suggested that Tehran anticipates increased economic pressure could force international intervention to end the war.

Meanwhile, Russia reportedly provides targeting intelligence to Iranian forces, and Tehran’s allies, including Hezbollah and Houthi groups, pledged allegiance to the new leader.

Trump expressed displeasure over Khamenei’s appointment, while Israel labelled the new supreme leader a “tyrant”.

Experts describe Khamenei as a hardliner involved in violent crackdowns over the last 15 years, signalling that the leadership change may not alter Iran’s defiance.

The conflict has escalated across multiple fronts, including Lebanon and Israel. Israeli authorities reported at least one civilian death from missile shrapnel in Tel Aviv, while Lebanon documented 486 deaths and over 1,300 injuries since March 2.

Oil facilities in Bahrain and across the Gulf have declared force majeure, and shipping operations through the Strait of Hormuz have been disrupted.

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The combination of renewed strikes, strategic bottlenecks, and escalating casualties has highlighted the ongoing global economic and geopolitical risks posed by the US-Iran war.