Trump Declares Iran War 'Effectively Over' as Markets Rally and Diplomatic Rifts Persist
US President Donald Trump stated the war in Iran is militarily 'effectively over' following talks with Qatar's prime minister, though mutual attacks continue. Oil prices dropped to their lowest since August and stock indices rose, while US and Iranian officials traded sharp rhetoric over truce conditions.
US President Donald Trump declared on November 9 that the nearly nine-month-long war in Iran is "effectively over" militarily, stating that taking further military action does not seem necessary at this point. He made the remarks during a White House press conference following talks with Qatari Prime Minister Mohammed bin Abdulrahman Al Thani.
While Trump said renewed US attacks on Iran are "highly unlikely," he affirmed that American forces remain "locked and loaded" should circumstances change. The United States plans to maintain its naval blockade in the Strait of Hormuz and on Iranian ports. Trump indicated that the current status quo is being maintained at the behest of Gulf neighbors who prefer no new attacks.
The announcement comes amid mounting political pressure on the Trump administration. Vice-President JD Vance declared that the Iran war was a key reason for the historic defeat of Republicans in the midterm elections. In the House of Representatives, Republican congressman Thomas Massie launched an impeachment effort against Defense Secretary Pete Hegseth over the conflict.
Financial markets reacted positively to Trump's comments. Brent crude oil prices fell nearly 3% to $89.66, reaching their lowest level since late August. European equities also climbed, with the Stoxx 600 index gaining 0.9% to 662.54 and London's FTSE 100 rising 45 points, or 0.4%, to 10,828. Airline stocks increased on hopes of lower fuel costs, while oil companies BP and Shell saw share prices drop. In the UK, average petrol prices fell 5p a litre to 169.7p.
Despite Trump's claims that negotiations are showing "positive momentum" toward ending the conflict, diplomatic progress remains deeply uncertain. Iranian security council chief Mohsen Rezaei dismissed US claims of ongoing talks as "fake news" and demanded the US surrender to seven specific conditions set out by Tehran. US Secretary of State Marco Rubio rejected those conditions, describing them as "outrageous and ridiculous and really not realistic." Senior US and Gulf officials have cast doubt on the chances of an imminent deal, contradicting Trump's suggestion that the conflict will end "fairly soon."
On the ground, mutual attacks have continued. The US conducted overnight strikes on Iran's Qeshm island, targeting radar systems and missile bases according to Iranian sources. Meanwhile, Iranian forces have attacked shipping, disabling 11 tankers over the past 10 days.