Trump on hitting Iran: Not finished yet

The U.S. military campaign against Iran, initiated in February 2026, continues to escalate, with significant implications for global energy markets and economic stability. President Donald Trump has repeatedly asserted that the operation is progressing toward a decisive outcome, though conflicting statements from his administration and the Iranian regime complicate assessments of the conflict's trajectory. Secretary of Defense Pete Hegseth emphasized that the U.S. is "accelerating, not decelerating" military action, targeting Iranian missile infrastructure, naval assets, and nuclear facilities. However, Iran's closure of the Strait of Hormuz—a critical oil export route—and its retaliatory strikes on regional infrastructure have triggered a sharp spike in global oil prices, with benchmarks rising over 20% in a week.

The economic fallout has intensified as commercial shipping through the Strait of Hormuz remains largely halted, disrupting 20% of global oil supply. U.S. officials acknowledge that elevated gasoline prices threaten Trump's political standing and his campaign promise to avoid new foreign conflicts. Meanwhile, the administration's easing of sanctions on Russia—despite evidence that Moscow is providing Iran with targeting intelligence for attacks on U.S. forces—has drawn criticism.

Iran's leadership, meanwhile, has framed survival as a potential victory, even as its military infrastructure is degraded. Analysts warn that the conflict's asymmetric nature, including Iran's use of drones and proxy networks, could prolong instability. With no clear exit strategy, the war's financial and geopolitical costs remain a pressing concern for investors and policymakers alike.