President Donald Trump on Monday hinted for the first time in over a week that US military operations in Iran could be coming to an end, adding that the war was “very complete” and progressing ahead of schedule.
The war had sent stock markets crashing and oil prices surging again on Monday as Tehran, under new leader Mojtaba Khamenei, fired a new barrage of missiles at its Gulf neighbours and signalled that the strategic Strait of Hormuz would likely remain closed.
Despite the paucity of information regarding a resolution to the ongoing Middle East war, Wall Street surged into positive territory on Monday following Trump’s words.
“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 by phone, repeating battle damage assessments that he has given in previous days.
Trump told the US broadcaster that the United States was “very far” ahead of his initially stated timeframe for the war of four or five weeks.
He is scheduled to hold a press conference in the ballroom of his golf club in Doral, close to Miami, at approximately 5:30 p.m. (2130 GMT).
Recall that Iranian forces had launched a fresh round of missile and drone attacks on Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, and Israel on the first day in office of the 56-year-old son of deceased leader Ali Khamenei.
READ ALSO: Middle East Crisis Deepens as Iran Launches Missiles Under New Leader
The alliance’s air defences intercepted another missile fired at NATO member Turkey before it could reach its objective, making it the second such incident in five days.
The price of benchmark crude oil contracts surged over $100 per barrel on Monday, reaching their highest levels since Russia’s invasion of Ukraine in 2022, before marginally declining as the Strait of Hormuz off Iran was blocked for nearly all oil vessels.
Nearly 20% of the world’s crude oil typically passes through the strait, and French President Emmanuel Macron stated that his nation and its partners were working on a “purely defensive” mission to reopen it.
The goal of the mission is to escort ships “after the end of the hottest phase of the conflict,” but according to experts, this would place navy ships at risk of incoming fire from the Iranian coast.
Inflation caused by a sustained oil shock is also expected to push up the price of goods for consumers everywhere.
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