Trump Declares Iran War ‘Almost Complete’ as Oil Prices Moderate
President Donald Trump has stated that the war against Iran is “almost over,” signaling a potential swift conclusion to the recent conflict. His remarks, made in a series of statements and interviews, suggest the U.S. And its allies are nearing their objectives in the operation.
Rapid Progress and Decisive Strikes
In an interview with CBS News, Trump asserted that Washington is “well ahead” of its initial four to five-week timeline for achieving its goals. At a fundraising event, he characterized the joint offensive with Israel as “a short excursion.” These statements followed a period where the price of oil surpassed $110 per barrel, a benchmark that saw a positive reaction from financial markets as Trump’s comments emerged.
Trump detailed significant military successes, claiming the destruction of Iran’s navy and substantial damage to its missile and drone capabilities. “Together with our Israeli partners, we are pulverizing the enemy… Iranian missile and drone capabilities are being completely demolished. Their Navy has disappeared. We have sent 46 of their ships to the bottom of the sea in three and a half days,” he stated. He also indicated that key Iranian leaders have been eliminated or are facing imminent capture.
Strait of Hormuz and Potential Control
The President also suggested the possibility of taking control of the Strait of Hormuz, a critical waterway for global oil transit, which has been effectively closed due to the conflict. Approximately one-fifth of the world’s oil supply passes through this strategic route. Trump indicated he is “thinking about taking control” of the strait.
Diplomatic Efforts and Russian Involvement
Trump’s statements came after a conversation with Russian President Vladimir Putin, who reportedly offered proposals for a swift end to the war. According to Yuri Ushakov, a presidential advisor to Putin, the leaders discussed the situation in Iran and Venezuela, as well as ongoing negotiations regarding Ukraine. The conversation was described as “serious, frank and constructive.”
Market Reaction and Oil Price Moderation
Following Trump’s interview with CBS, markets reacted positively, with Wall Street reversing an initial decline to rise 0.7%. Texas intermediate oil futures contracts also moderated to $85.73 per barrel, down from a closing price of $94.77.
Ceasefire Context
The recent conflict follows a ceasefire between Iran and Israel that took effect on June 24, 2025, ending the Twelve-Day War [1]. The ceasefire was mediated by the United States.
A press conference is scheduled at Trump’s golf club in Doral, Florida, where further details are expected to be announced.