U.S. President Donald Trump said the war with Iran could end soon after Brent crude prices surged to nearly $120 per barrel, the BBC’s Russian Service reported.
On Monday, amid fears that the conflict could disrupt oil shipments through the Strait of Hormuz, Brent crude approached $120 per barrel — the highest level since Russia’s full-scale invasion of Ukraine four years ago.
Trump said the main targets of the military operation in Iran had already been hit and that the campaign was progressing faster than expected.
Following his remarks, oil prices temporarily dropped below $90 per barrel, but by Tuesday morning they rose again to around $93, roughly $20 higher than before the conflict began on February 28, according to the BBC’s Russian Service.
The outlet noted that after a tense Monday morning, when oil prices reached a four-year high, Trump began contacting journalists in an effort to reshape the news narrative.
Just days earlier he had demanded Iran’s “unconditional surrender,” but in an interview with CBS News he said the war was now “almost over.”
According to the U.S. president, the operation is proceeding “well ahead of schedule.” However, his comments remained relatively vague.
Responding to a New York Post reporter about the sharp rise in oil prices, Trump said: “I have a plan for everything. Believe me, I have a plan for everything — and you will be very happy.”
Following the remarks, stock markets rose and oil prices — which had earlier reached $120 per barrel — fell below $90.
Later, speaking to Republicans in Florida, Trump described the invasion as “a small short-term excursion” aimed at “removing evil.”
He claimed that about 90% of Iran’s missile capabilities had been destroyed, drones had been shot down and the country’s leadership eliminated.
According to Trump, only a few targets remain, which the United States could strike “within a day.”
In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) said Iran would decide when the war ends and warned it would prevent “a single liter of oil” from leaving the Middle East.
Trump warned that if Iran attempts to block shipments through the Strait of Hormuz, the United States would strike “20 times harder than before.”
On Tuesday, oil prices rose again to $93 per barrel after Trump said: “We have won in many ways, but that is not enough.”
Brent crude remains about $20 higher than before the conflict began on February 28, when it traded at around $73 per barrel.
Rising gasoline prices pose political risk for Trump
Even if oil market volatility subsides, higher gasoline prices are likely to persist.
The average price of gasoline in the United States has reached $3.48 per gallon, about 48 cents higher than a week earlier.
Meanwhile, the U.S. economy is already showing signs of slowing. According to the U.S. Bureau of Labor Statistics, the country lost 92,000 jobs in February, unemployment rose to 4.4%, and the labor force participation rate fell to 62%, its lowest level since December 2021.
The rising cost of living remains one of the biggest concerns for Americans.
Public opinion polls also show growing dissatisfaction with the ongoing military operation against Iran. With U.S. midterm elections just months away — elections that will determine control of Congress — the situation presents significant political risks for the Trump administration.
According to the Wall Street Journal, citing informed sources, Trump’s statements about ending the war “very soon” may be linked to advice from some of his advisers.
They are urging the administration to find a way out of the conflict amid soaring oil prices and concerns that a prolonged war could trigger negative political reactions both in the United States and internationally.
Bloomberg: Gulf Countries Cut Oil Production
Saudi Arabia, the United Arab Emirates, Iraq and Kuwait have reduced oil production by 0.5 to 2.9 million barrels per day, depending on the country, Bloomberg reported citing informed sources.
Saudi Arabia cut production by 2–2.5 million barrels per day, the UAE by 0.5–0.8 million, Kuwait by 0.5 million, and Iraq by about 2.9 million barrels per day.
The cuts are linked to the near-total halt of shipping through the Strait of Hormuz and overflowing oil storage facilities.
On Tuesday, Iran’s Islamic Revolutionary Guard Corps said it would continue blocking oil exports from Gulf countries until the United States and Israel stop their attacks on Iran.
The IRGC said it would “not allow a single liter of oil to leave the region,” Reuters report
