Trump says Iran war will end "soon" but not this week, will exempt some oil sanctions

Investing.com - U.S. President Donald Trump said Monday that while he does see an end to the Iran war, it’s unlikely to conclude this week.

Trump also stated that due to disruptions in global supply caused by the Iran conflict, the U.S. will waive certain oil-related sanctions to ensure sufficient supply and lower prices.

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At a news conference held at his Doral golf resort in Florida, Trump said the conflict with Iran is progressing faster than expected and will “end soon.”

However, when asked if the conflict would end this week, he gave a negative response.

Earlier that day, during a speech to House Republicans and donors at Doral, Trump referred to the Iran war as a “small expedition”—a point he reiterated at the press conference.

“We can now call it a huge success, or we can go further. And we will go further,” Trump told reporters. He claimed that Iran’s top leadership and military capabilities have been largely destroyed, and the country’s missile stockpiles are depleting.

Regarding oil prices, Trump said that the increase in oil prices “may be less than I expected,” but the U.S. will lift some sanctions until shipping through the Strait of Hormuz resumes.

The president did not specify which sanctions would be lifted. Last week, Washington granted India a 30-day waiver to purchase Russian oil due to supply disruptions from Iran.

As Trump made these remarks, oil markets experienced sharp fluctuations on Monday, with prices initially rising to nearly $120 per barrel before quickly falling back below $90.

The U.S.-Israel and Iran conflict entered its tenth day this week, with little sign of stopping the strikes and retaliations against Tehran as of Monday evening.

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