Trump Says Iran War May End Soon, Calls New Strikes Unlikely

U.S. President Donald Trump said Monday that the war with Iran could end soon and that new U.S. strikes were “quite unlikely,” as oil prices extended losses and markets watched energy costs.

Trump made the remarks to reporters at the White House after meeting Qatar Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani. “We’re seeing momentum toward the end of this conflict. I think it’s going to be ending fairly soon,” Trump said.

Trump described Iran’s military as effectively defeated, pointing to its navy’s destruction and surging inflation that he said had hollowed out the economy. He said the United States remained ready to strike if circumstances changed.

Oil prices moved lower Tuesday. West Texas Intermediate crude fell more than 1% to $85.8 a barrel after dropping more than 4% in the previous session. Brent crude declined more than 1% to $91.56, near a 10-week low.

The conflict was in its ninth month and had driven fuel prices higher across the global economy. Its effect on energy costs and broader risk sentiment is also a market focus for crypto investors.