Trump claims Iran war to be over "quickly" as oil prices soar - National & International News - MON 9Mar2026 -

Trump claims Iran war to be over “quickly” as oil prices soar

President Trump and his administration are moving to head off a panic over oil prices that have risen sharply, thanks to the US-Israeli bombing campaign on Iran and the closure of the Strait of Hormuz. On Monday, oil prices surged to their highest level since the 2022 Russian invasion of Ukraine, at one point reaching nearly $120 a barrel. These prices could quickly bring economic pain to already cash-strapped US consumers. This would not affect what you pay when pumping gas but could also create supply-chain shocks that would impact the prices of almost everything you buy.

The administration has few options as to how to soften the impact of this oil price shock, including selling off strategic oil reserves. They are even considering easing oil sanctions on Russia, which would greatly increase Russia’s cashflow to finance the war on Ukraine and diminish any leverage in peace negotiations. Another option, and one that Trump has publicly entertained, would be using US Navy ships to escort cargo and tanker ships through the Strait of Hormuz. This would both endanger US military personnel and lead to further military escalation with Iran.

This afternoon, Trump attempted to allay fears about a prolonged war by telling Republican lawmakers that he expected war to end “pretty quickly”. He added, “We’ve already won in many ways, but we haven’t won enough”. He did not indicate what he considers “winning” in this conflict. However, these remarks seem to have been enough to (at least temporarily) boost drastically fallen stocks and push oil prices below $90 a barrel by the end of trading today.

Iran elects Ayatollah Khamenei’s son to succeed him

Over the weekend, Iran’s top clerical body named Mojtaba Khamenei, son of the recently slain Grand Ayatollah Ali Khamenei, to succeed his father as Iran’s Supreme Leader. Mojtaba, 56, has never held any official position in Iran’s government, but has long served a gatekeeper and powerbroker in his aged father’s orbit. Reports suggest Mojtaba shares his father’s hardline religious views and his succession likely promises a continuation of his father’s oppressive control over Iranian society.

Mojtaba’s accession is seen by many as a gesture of defiance to the US, with Trump calling him an “unacceptable” choice to lead Iran. Prior to the bombing campaign by the US and Israel, Mojtaba does not seem to have been widely favored as a succession candidate, except within the most hardline factions. This is in part because it violates the anti-dynastic principles of the clergy and the revolutionary government.

It’s unclear how Supreme Leader Mojtaba will approach foreign policy matters. However, the fact that the US strike that killed his father also killed his mother, his wife, and one of his sons will likely make him less amenable to compromise in any case.

Following the 2024 death of Iran’s previous hardline President Ibrahim Raisi, the election of moderate President Masoud Pezeshkian (with the previous Supreme Leader’s blessing) suggested a move towards moderation and better relations with the West. Initially, tolerance for reformist voices appeared to be on the rise. However, the tightening of US sanctions in recent years and successive bombing campaigns by the US and Israel seem to have reversed that progress.