Trump Signals Iran War May Be Ending After Oil, Gas Prices Spike
President Trump said Monday that the U.S. war with Iran could soon be nearing its end, claiming the country’s military capabilities have been largely destroyed after days of intense U.S. strikes.
“I think the war is very complete, pretty much,” Trump told CBS News in a phone interview. The president said Iran has “no navy, no communications” and that its remaining missiles and drones are being destroyed.
The president warned Iran against interfering with traffic through the Strait of Hormuz — a key shipping route for roughly 20% of the world’s crude oil and natural gas — and said the U.S. is considering taking control of the waterway.
Oil prices swung sharply Monday as traders reacted to his remarks. Brent crude, the international oil benchmark, briefly rose to $119.50 per barrel early Monday. By Monday afternoon, it was back down to $85 a barrel. His comments come as Americans are also beginning to feel the economic effects.
OIL & GAS ⬆️
When prices go above $100 per barrel, analysts note that prices at the U.S. pump usually rise to about $4 a gallon.
Right now, gas prices in the U.S. are near $3.50 a gallon — the highest point since 2024 and about 50 cents higher than a week ago.
HOW IT WORKS: While the U.S. doesn’t rely on Iranian oil, it is a commodity sold on the global market. So disruptions to production and shipping impact prices from the U.S. to China.
Fears of Iranian attacks have nearly halted oil and gas shipments through the Strait of Hormuz.
Oil could rise as high as $150 a barrel by the end of the month if shipping companies continue to avoid the Strait of Hormuz, according to Goldman Sachs.
Trump had been telling Americans on Sunday not to worry. But his message seemed to change Monday. Behind the scenes, his administration has been looking for alternatives to bring prices down ahead of the midterm elections — where affordability is expected to be a central issue.
U.S. TROOPS
A seventh U.S. service member died over the weekend in the U.S. war with Iran. Army Sergeant Benjamin Pennington, 26, of Glendale, Kentucky, died from injuries he sustained in a March 1 Iranian attack against U.S. troops in Saudi Arabia, the Pentagon announced Sunday.
Trump joined families and senior officials Saturday at Dover Air Force Base for the dignified transfer of the bodies of the six U.S. service members killed in an Iranian attack in Kuwait during the early days of the war.
Trump and Defense Secretary Pete Hegseth say more U.S. casualties are expected as the conflict continues.
THE NEW AYATOLLAHIran’s top religious clerics selected Mojtaba Khamenei as the country’s new supreme leader, according to state media. He succeeds his father, Ayatollah Ali Khamenei.
Mojtaba Khamenei, 56, is seen as a key gatekeeper to his father, with close ties to the Islamic Revolutionary Guard Corps and the Basij militia.
Trump publicly opposed the possibility of Mojtaba taking power last week, calling the prospect “unacceptable.” On Monday, Trump said he had “no message for him.” Israel has threatened to target any successors to the late ayatollah.
Chants of “Death to Mojtaba” were heard overnight in parts of Tehran following the appointment, according to videos posted on social media.
WHAT ELSE YOU NEED TO KNOWThe war in Iran has continued to impact other Gulf nations. Here are some of the biggest headlines in the past 24 hours.
📌 Israel struck oil facilities in Iran late on Saturday, marking the first attacks on Iran’s civilian energy infrastructure since the U.S. and Israel launched strikes on Iran last weekend.
‘Toxic’ black rain fell on Tehran, which has about 10 million residents, after the strike.
📌 Gulf countries reported more aerial strikes from Iran on Monday evening.
Bahrain said Iranian drone attacks on Sunday damaged a civilian water desalination plant.
At least 32 people were wounded, including children, when Iranian drone strikes hit a city near Bahrain’s capital on Monday, according to Bahrain’s state news agency.
CNN reporters also documented loud booms in the United Arab Emirates.
📌 Lebanon’s government is proposing direct negotiations with Israel, according to Axios, after Hezbollah, an Iranian proxy group, launched rockets into Israel in response to strikes on Iran. That prompted Israeli airstrikes and a ground incursion into southern Lebanon.
📌 Turkey said Monday that a second Iranian ballistic missile was shot down by NATO defences after it entered Turkish airspace.