Trump says US-Iran war ‘effectively over’ militarily, but issues another ‘locked and loaded’ warning; oil falls | Today’s news
US President Donald Trump said on Monday (local time) that the Iran war is “effectively over” militarily, but added that he would maintain the “status quo” of isolating Tehran economically, including through a naval blockade and a newly announced initiative to cut off its land trade routes.
Trump warns Iran ‘fully locked and loaded’.
He made the remarks at a press conference alongside UFC CEO Dana White, the New York Post reported. The US president said, “Iran is effectively finished militarily. We’re just keeping it status quo. And we’re doing it really at the behest of the countries that are their neighbors. It’s got 301% inflation. It’s got problems you don’t even want to think about.”
CBS News quoted Trump as saying, “Look, Iran, I hope we can make a deal with them.” He added: “But nothing will happen. And if we have to, we’ll take it very seriously. We’re so pumped up.”
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Trump continued his warning, saying the US is “fully locked down and loaded with the best equipment ever made” should the situation change. However, he added: “However, we don’t think there will be any reason to use it.”
Trump delays plan to resume strikes on Iran: What we know
The US president, who has renewed threats of new strikes against Iran in recent weeks, reportedly postponed a decision to attack the country after speaking with Qatari Prime Minister Mohammed bin Abdulrahman Al Thani. This came after he announced a new “Operation Iron Gate” to cut off Tehran’s land links with other countries.
Trump said: “Qatar, Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait and others would prefer the status quo to remain as is. In other words, the continuation of the largest naval blockade in the history of our country, probably in the history of the world,” alongside Operation Iron Gate.
He added: “So you have land and sea, a total lock-down. I agreed that Iran cannot have, and everyone agrees that Iran will never have a nuclear weapon, and that is a non-negotiable point. They understand it. They accept it. They won’t admit they accept it, and they’ll tell you they don’t accept it, but they accept it 100%.”
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Trump’s remarks signaling restraint on Iran also appeared to ease concerns in the oil market, with oil prices falling sharply in post-settlement trading, Reuters reported.
Oil prices fell past $7 a barrel as Trump signaled restraint
Brent crude futures extended their losses in post-settlement trading on Monday, falling more than $7 a barrel to their lowest level since late August. The drop came after Trump played down the possibility of new military strikes against Iran.
Brent crude ended the session $5.75 lower, or 5.85%, at $92.57 a barrel. After the settlement, it continued to decline, last trading more than $7 below its previous close.
U.S. West Texas Intermediate (WTI) crude futures settled at $86.85 a barrel, down $3.98, or 4.38%. The US benchmark also extended its decline after the settlement, falling more than $5.
Brent crude already fell 16% last week, marking the steepest weekly decline since the outbreak of the COVID-19 pandemic.
However, it remains to be seen whether the two sides will be able to negotiate an agreement to end the war, or whether Trump will order new strikes.
