"Trump said the war was "very complete, pretty much" and then "we've already won in many ways, but we haven't won enough." When asked if the war would end this week, Trump said, "No," and, "very soon." He also said, "We could call it a tremendous success now and leave here . . . or we could go further, and we're going to go further.""
"Trump's comments came after his advisers reminded him that high oil prices would torch Republican chances in the midterms, the Wall Street Journal reports. Trump was running out of wiggle room on the price of oil, given that the U.S. Strategic Petroleum Reserve was only 58% full-not an ideal cushion."
"The key to keeping oil prices down is reopening the Strait of Hormuz to oil tankers again. Unsurprisingly, Trump urged captains to go full speed ahead: "These ships should go through the Strait of Hormuz and show some guts, there's nothing to be afraid of. ... They have no Navy, we sunk all their ships.""
Following Trump's remarks about winding down the Iran conflict, global markets rallied significantly. The S&P 500 rose 0.83%, with futures up 0.19%, while Asian markets surged notably with South Korea's KOSPI gaining 5.35%. Trump stated the war was "very complete, pretty much" and indicated resolution would come "very soon," though not this week. Oil prices fell substantially from over $119 to $91 per barrel. Trump's advisers reportedly influenced his stance due to concerns that high oil prices would damage Republican midterm prospects, given the U.S. Strategic Petroleum Reserve was only 58% full. Trump urged oil tankers to transit the Strait of Hormuz and threatened increased military action if Iran blocked oil flow.
#iran-us-conflict-de-escalation #oil-markets #global-stock-markets #geopolitical-risk #midterm-elections-impact
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