Middle East: U.S. President Donald Trump on Monday signaled that military operations in Iran are expected to conclude soon, offering reassurance to global markets disrupted by the ongoing conflict.
The war, which erupted following U.S.-Israeli strikes on Iran, has caused global stock markets to slump and oil prices to surge. The situation intensified after Iran’s new leader, Mojtaba Khamenei, ordered fresh missile attacks on Gulf neighbors and indicated that the strategic Strait of Hormuz would likely remain closed.
Market Reactions and Oil Prices
Trump’s remarks appeared to calm investor fears temporarily. Wall Street climbed into positive territory, while Tokyo and Seoul also opened strongly, despite the president’s continued warning that the campaign could expand if Iran failed to comply.
Oil prices, which had jumped past $100 a barrel, reversed course, dropping as much as 5%, a day after hitting their highest level since Russia’s invasion of Ukraine in 2022.
Trump told a Florida news conference, “It’s going to be ended soon, and if it starts up again, they’ll be hit even harder.” He also described the U.S. campaign as a “short-term excursion.”
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Iran’s Response
Iran’s Revolutionary Guards responded on Tuesday, asserting that they—not the Americans—would “determine the end of the war.”
The remarks coincided with the first day in power for Mojtaba Khamenei, Iran’s 56-year-old new supreme leader, after his appointment by the Assembly of Experts—the country’s top clerical body, which had not selected a leader in 37 years. Following his selection, Iranian forces launched missiles and drone attacks on Saudi Arabia, Bahrain, Qatar, the UAE, and Israel. A missile was also fired at NATO member Turkey, intercepted by air defenses before it could reach its target.
Strait of Hormuz and Global Implications
Diplomatic efforts have focused on the Strait of Hormuz, a crucial maritime chokepoint through which nearly 20% of the world’s crude oil passes. French President Emmanuel Macron stated that France and its allies are working on a “purely defensive” mission to reopen the strait and escort ships once the peak of the conflict subsides. Experts, however, warn that such operations could expose naval vessels to fire from the Iranian coast.
Iranian foreign policy adviser Kamal Kharazi told CNN that Tehran expects economic pressure to eventually push other countries to intervene and bring the conflict to an end.
Smoke rises following a strike on the Bapco Oil Refinery, amid the US-Israeli conflict with Iran, on Sitra Island Bahrain, March 9, 2026. — Reuters
Escalation Across the Region
The conflict has triggered widespread casualties and unrest:
- Bahrain: An Iranian attack on Manama killed one person and injured several.
- Israel: Missile warnings were triggered after attacks from Iran; at least one civilian was killed, and Israeli forces targeted an Iranian missile launcher in retaliation.
- Lebanon: Fighting between Israel and Hezbollah since March 2 has killed at least 486 people and wounded over 1,300. Lebanese President Joseph Aoun accused Hezbollah of attempting to collapse the state, while Hezbollah leaders said they had “no other option than the option of resistance.”
Iran’s allies, including Houthi forces in Yemen and Hezbollah in Lebanon, have pledged support, while Russian President Vladimir Putin affirmed “unwavering support” for Tehran.
Conclusion
As the conflict spreads across multiple fronts, global attention remains focused on oil infrastructure, regional security, and the humanitarian impact. While Trump insists the war will be short, Iran’s leadership and regional actors appear determined to resist foreign pressure, leaving the future course of the war uncertain.
