U.S. President Donald Trump has signaled that the ongoing conflict with Iran could end sooner than expected, saying the military campaign is progressing ahead of schedule.
Speaking at a news conference in Florida, Trump predicted that the conflict would be resolved “very soon,” even though he acknowledged it would likely not end within the week.
The comments come after days of sharp volatility in global oil prices, driven by fears that the conflict could disrupt crude shipments through the strategically important Strait of Hormuz.
What President Trump is saying
According to Trump, Washington is exploring measures to stabilise global oil markets rattled by the war.
- “We’re looking to keep the oil prices down,” Trump said, noting that prices had risen “artificially” because of the conflict.
Trump said U.S. military operations have already achieved significant progress, with thousands of targets hit and Iran’s missile and drone capabilities severely weakened.
Trump told Republican lawmakers earlier that the United States and its Israeli allies had struck about 5,000 targets in Iran and reduced the country’s missile capability to roughly 10% of its previous capacity.
- “The objectives could be described as pretty well complete,” he said, adding that the U.S. and its allies were “crushing the enemy in an overwhelming display of technical skill and military force.”
Despite the optimism, Trump maintained that operations would continue until the administration achieves what he described as “total and decisive victory.”
Get up to speed
The possibility of a prolonged conflict has unsettled global financial markets, particularly the oil market.
U.S. crude futures briefly surged above $119 per barrel earlier in the trading session before falling below $90 after Trump signalled openness to ending the conflict.
- The oil prices volatility has led to hike gas prices globally. In Nigeria, Dangote Refinery on Monday raised the gantry price of Premium Motor Spirit to N1,175 per litre, marking the third upward adjustment within a week.
- This has led to a jump in retail petrol prices at filling stations to between N1,230 and N1,250.
Earlier, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) had warned that the pump price of Premium Motor Spirit (PMS) may hit N2,000 per litre amid the ongoing Middle East tension.
What you should know
Meanwhile, finance ministers from the Group of Seven (G7) economies said they were prepared to intervene if necessary to stabilise global energy supplies.
In a joint statement, the group said it was closely monitoring developments in energy markets and remained ready to take “necessary measures,” including a coordinated release of strategic oil reserves.
While no decision has been taken yet, officials said emergency supply measures could be considered if the conflict continues to threaten global energy flows.
