Trump Says US-Iran War 'Effectively Over' Militarily But Issues Another 'Locked And Loaded' Warning Oil Tumbles

(MENAFN- Live Mint) US President Donald Trump on Monday (local time) said that the Iran war is "effectively over" militarily, but added that he would maintain the "status quo" of economically isolating Tehran, including through a naval blockade and a newly announced initiative to sever its overland trade routes.

Trump's 'fully locked and loaded' warning to Iran

He made these remarks at a press briefing alongside UFC CEO Dana White, the New York Post reported. The US President said, "Iran, militarily, is effectively over. We're just keeping it the status quo. And we're doing that really at the behest of countries that are their neighbors. It's got 301% inflation. It's got problems like you don't even want to think about.”

Quoting Trump, CBS News reported, "Look, Iran, I hope we're going to be able to make a deal with them." He added, "But nothing's going to happen. And if we have to, we'll take it very seriously. We are so loaded."

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Continuing his warning, Trump said that the US was "fully locked and loaded with the best equipment ever made" if the situation were to change. However, he added, "We don't think there's going to be any reason to use it, however."

Trump defers plan to resume strikes against Iran: What we know

The US President, who has renewed threats of fresh strikes against Iran in recent weeks, has reportedly deferred a decision to attack the country following a conversation with Qatari Prime Minister Mohammed bin Abdulrahman Al Thani. This came after he announced the new "Operation Iron Gate" to sever Tehran's land connections with other countries.

Trump said, "Qatar, Saudi Arabia, UAE, Bahrain, Kuwait, and others would prefer the status quo that we remain as is. In other words, a continuation of the greatest naval blockade in the history of our country, probably in the history of the world,” in addition to Operation Iron Gate.

He added, "So you have land and sea, total lockdown. I've agreed that Iran cannot have, and everybody's agreed, Iran will never have a nuclear weapon, and that's a non-negotiable point. They understand that. They accept that. They don't admit that they accept it, and they will tell you that they don't accept it, but they accept it 100%."

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Trump's remarks signalling restraint towards Iran also appeared to ease concerns in the oil market, with crude prices falling sharply in post-settlement trading, Reuters reported.

Oil prices tumble over $7 a barrel as Trump signals restraint

Brent crude futures extended their losses in post-settlement trading on Monday, falling by more than $7 a barrel to their lowest level since late August. The decline came after Trump played down the possibility of fresh military strikes against Iran.

Brent crude ended the session $5.75 lower, down 5.85%, at $92.57 a barrel. It continued to slide after settlement and was last trading more than $7 below its previous close.

US 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 settlement, falling by more than $5.

Brent crude had already dropped 16% last week, marking its sharpest weekly decline since the onset 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 fresh strikes.

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