DUBAI/JERUSALEM/DORAL, Florida, March 9: US President Donald Trump on Monday predicted the Iran war could be over soon, even as Iran’s leadership staged a show of loyalty to the new Supreme Leader Mojtaba Khamenei in a sign that it was not prepared to back down any time soon.
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The conflicting signals sent markets on a rollercoaster, with oil prices surging and stock markets nosediving before swinging in the other direction after Trump’s comments and reports of a possible ease in sanctions on Russian energy.
Trump said the war would continue until Iran is “totally and decisively defeated,” but predicted it would be over soon.
“It’s going to be finished pretty quickly,” he told Republican lawmakers. “We’ve already won in many ways, but we haven’t won enough,” he said.
Trump did not, however, define exactly what victory in the war would look like.
Israel says its war aim is to overthrow Iran’s system of clerical rule. US officials mainly say Washington’s aim is to destroy Iran’s missile capabilities and nuclear program, but Trump has said the war can end only with a compliant Iranian government.
Israel had said it would kill whoever succeeded the elder Khamenei unless Iran ended its hostile policies.
OIL SURGES, THEN DIPS BACK
The war has effectively shut the Strait of Hormuz, a chokepoint for a fifth of global oil and liquefied natural gas, leaving tankers unable to sail for more than a week and forcing producers to halt pumping as storage fills.
Brent crude futures jumped about 7% to settle at their highest price since 2022 after soaring by as much as 29% during the session, as Saudi Arabia and other OPEC members cut supplies. But prices fell in post-settlement trade.
The price of gasoline has particular political resonance in the United States, where voters cite rising costs as a top concern ahead of the November midterm elections, when Trump’s Republicans will try to keep control of Congress.
A Reuters/Ipsos poll released Monday found 67% of Americans expect gas prices to rise over the coming months, and only 29% approve of the war.
After speaking with Russian President Vladimir Putin, Trump said the United States will waive oil-related sanctions on “some countries” to ease the shortage. According to multiple sources, that could mean a further easing of sanctions on Russian oil, which could complicate efforts to punish Moscow for its war in Ukraine.
Other options include a possible release of oil from strategic reserves or restricting US exports, sources said.
