Global markets experienced sharp volatility on Monday as Brent crude prices surged following new Iranian strikes on energy facilities in the Gulf.
Oil briefly climbed to a peak of $119.50 per barrel before retreating to around $82 later in the day.
Amid the escalating tensions, US President Donald Trump suggested that the conflict in the Middle East may soon come to an end. His comments came as large rallies were held in Iran in support of the country’s new supreme leader, Mojtaba Khamenei.
Iranian state media broadcast images of massive crowds gathering in several cities, waving national flags and carrying portraits of Ayatollah Ali Khamenei, the former supreme leader who was reportedly killed in an Israeli strike on the first day of the war.
In an interview with NBC News, Trump criticized Iran’s leadership for appointing Mojtaba Khamenei as the new leader, calling it a “big mistake.” Despite the ongoing tensions, he expressed optimism that the conflict might end sooner than the previously predicted four-to-five-week timeline.
“We took a little excursion because we felt we had to do that to get rid of some people. I think you’ll see it’s going to be a short-term excursion,” Trump told Republican supporters during a gathering at his golf club in Doral, Florida.
In separate remarks to CBS News, he added, “I think the war is very complete, pretty much.”
Trump’s remarks and speculation about a potential easing of sanctions on Russian energy contributed to dramatic swings in global markets. Oil prices surged while stock markets dropped sharply before recovering later.
Putin-Trump Discussion
The two leaders also discussed the ongoing war in Ukraine, with Putin suggesting that Russia’s recent territorial gains should encourage Ukraine to move toward negotiations.
A Kremlin official described the conversation as “very substantial,” adding that it could have practical implications for future cooperation between the two countries.
Putin reportedly shared several proposals aimed at achieving a rapid political and diplomatic solution to the crisis involving Iran, including discussions he has held with Gulf leaders, Iran’s president, and other international figures.
Trump, in turn, shared his views on the ongoing US-Israeli military operation, which the Kremlin described as a “very useful exchange of ideas.”
Tensions Around the Strait of Hormuz
“It is unlikely that security can be achieved in the Strait of Hormuz while the fires ignited by the United States and Israel continue to burn in the region,” Larijani wrote on X, after France announced that it and its allies were preparing a defensive mission to reopen the key shipping route.
At the same time, Iranian Foreign Minister Abbas Araghchi stated that Tehran is continuing efforts to prevent US forces from launching attacks from military bases across the Middle East.
He insisted that Iran’s actions are defensive and are not aimed at neighboring countries, but rather at the sources of US attacks originating from those territories.
Araghchi also said Iran has no intention of harming ordinary Americans, noting that many US voters support ending costly foreign wars.
In a post on X, he blamed Israel and its allies in Washington for the economic fallout of the conflict, including rising fuel prices, higher mortgage rates, and losses in retirement funds.
He also mocked the US military campaign, referring to it as “Operation Epic Mistake” instead of its official name, “Epic Fury.”
