- President Donald Trump said that the United States military operations in Iran would be “ended soon,” reassuring global markets destabilised by the conflict
- He warned that any resurgence would be met with even harsher action, calling the campaign a “short-term excursion”
- The war has disrupted shipping, threatened oil exports, and created volatility in energy markets
President Donald Trump on Monday, March 9, assured that the United States military operations in Iran would be concluding shortly, providing a measure of relief to markets destabilised by the ongoing conflict in the Middle East.
The war has sent shockwaves through global markets, with stock indices falling and oil prices surging as Tehran, under its newly appointed leader Mojtaba Khamenei, launched a fresh wave of missile attacks on Gulf neighbors and signaled that the strategic Strait of Hormuz may remain closed.
Despite Trump’s continued threats to escalate if Iran fails to comply, Wall Street rallied on hopes of a short war, with Tokyo and Seoul also opening strongly on Tuesday, March 10.
Oil prices, which had surpassed $100 a barrel for the first time since Russia’s invasion of Ukraine in 2022, fell by as much as five percent following Trump’s remarks.
“It’s going to be ended soon, and if it starts up again they’ll be hit even harder,” Trump said at a news conference in Florida, calling the campaign a “short-term excursion” when speaking to lawmakers.
Iran’s Revolutionary Guards responded on Tuesday, March 10 stating that they, not the Americans, would “determine the end of the war.”
Trump’s comments came on the first day in power for the 56-year-old Mojtaba Khamenei, son of the late Ali Khamenei, with Iranian forces launching new missile and drone strikes on Saudi Arabia, Bahrain, Qatar, the UAE, and Israel.
Another missile was also fired at NATO member Turkey, intercepted by alliance air defenses, marking the second such incident in five days.
Diplomatic efforts on Monday, March 9, focused on the Strait of Hormuz, a critical shipping lane that has been blocked to nearly all oil tankers, sending tremors through the global economy.
French President Emmanuel Macron said France and its allies were coordinating a “purely defensive” mission to reopen the strait, aiming to escort vessels “after the end of the hottest phase of the conflict.”
Experts warn, however, that naval forces could face fire from Iran’s coast.
Kamal Kharazi, a foreign policy adviser to Iran’s supreme leader, told CNN that Tehran anticipates that economic pressures will eventually compel other countries to intervene and end the war.
The conflict escalated following Iran’s Assembly of Experts appointing Mojtaba Khamenei as the country’s first new supreme leader in 37 years.
State media released images of tens of thousands celebrating in central Tehran, many carrying his portrait.
Iran’s allies, including the Houthi movement in Yemen and Hezbollah in Lebanon, pledged allegiance, while Russian President Vladimir Putin expressed “unwavering support.”
Trump expressed his “disappointment” over Khamenei’s appointment but remained open to a replacement from within Iran, citing the recent leadership transition in Venezuela as “a formula that has been very good so far.”
Ali Ansari, a professor of Iranian history at the University of St Andrews in Scotland, described the new supreme leader as a hardliner who “has been involved in all the most violent repressions that have taken place over the last 15-16 years.”
Global traders, policymakers, and central bankers are closely monitoring Gulf energy infrastructure due to its importance to the world economy.
About 10 vessels in or near the Strait of Hormuz have faced attacks since Iran blocked the waterway in retaliation for U.S.-Israeli strikes, shipping experts report.
Shipping giant MSC has formally halted some Gulf export shipments, requiring goods to be unloaded from vessels.
Following attacks on Bahrain’s Al Ma’ameer oil facility, which caused a fire, the state-owned energy company Bapco joined its counterparts in Qatar and Kuwait in declaring “force majeure,” warning that events beyond its control could disrupt exports.
Saudi Arabia’s defense ministry reported that a drone attack targeting an eastern oil field near the UAE border was thwarted on Monday, March 9.
In Bahrain, an Iranian attack on a residential area in Manama on Tuesday, March 10, killed one person and injured others.
In Israel, approximately 10 explosions were heard in Tel Aviv after the military detected inbound missiles from Iran.
At least one Israeli died from shrapnel injuries. Israel responded by striking an Iranian missile launcher shortly after the barrage triggered air raid alerts across several areas.
The multi-front conflict has also intensified in Lebanon, where exchanges of fire between Israel and Hezbollah since March 2 have resulted in at least 486 deaths and over 1,300 injuries.
Lebanese President Joseph Aoun accused Hezbollah of attempting to “collapse” the state, while the head of Hezbollah’s parliamentary bloc said the group had “no other option…than the option of resistance.”