Trump Says Iran War Over Militarily as Global Oil Prices Fall

UPDATE - follow-up to Trump says more US attacks on Iran 'highly unlikely': Donald Trump stated that Iran is militarily over and noted positive momentum in talks to end the Middle East conflict, while speaking from the White House press briefing room on Monday. He maintained the status quo at the request of neighbouring countries and stated that new attacks are unlikely, though the nation remains ready if circumstances change. Iranian officials have expressed doubts about these remarks. The hint at de-escalation follows poor midterm election results for Republicans, which Vice-President JD Vance and other senior figures blamed on the conflict. Trump also noted that a naval blockade on Iranian ports helps protect regional allies.

Market Impact And Diplomacy

Global oil prices fell following the comments. On Tuesday afternoon in Asia, Brent crude dropped more than 1% to $91.50 while US-traded oil fell 1.2% to $85.82. Earlier on Monday, Trump met Qatari Prime Minister Sheikh Mohammed bin Abdul Rahman Al Thani in the Oval Office to discuss peace efforts. The Qatari leader later posted on X about holding positive discussions with Trump and Vance.

Political Pressure

Republican congressman Thomas Massie launched an attack on Defence Secretary Pete Hegseth and plans to force a vote in the House of Representatives to impeach him this week. Trump called the effort a sham and backed Hegseth, who stated he is not worried. While the move is unlikely to succeed with Republicans currently holding control, Democrats have indicated willingness to pursue impeachment once the new session begins.

Context

Diplomatic efforts to bridge the gap between Washington and Tehran have relied heavily on indirect mediators since joint strikes began in February. Gulf allies including Saudi Arabia, Qatar, and the United Arab Emirates have faced Iranian strikes and regional air travel disruptions throughout the conflict.