US President Donald Trump has indicated that American military operations against Iran may soon conclude, stating that key objectives are “nearing completion”, although he offered limited detail on the timeline or conditions for ending the conflict.
In a prime-time address from the White House on Wednesday, Mr Trump said the US was approaching the final phase of its campaign, suggesting operations could conclude within “two or three weeks” — a timeframe he had also mentioned a day earlier. However, the speech provided little clarity on strategy, next steps, or potential escalation scenarios.
Notably, the president did not address the possibility of deploying ground troops to Iran, nor did he substantially engage with the broader economic implications of the conflict, including disruptions to global energy markets following the closure of the Strait of Hormuz.
“Core strategic objectives are nearing completion,” Mr Trump said, adding that the US was “very close” to finishing the operation.
Despite being billed by the White House as an “important update on Iran”, the address largely reiterated previously stated positions. US broadcasters had been asked to allocate extended airtime for the announcement.
Market attention remains focused on the Strait of Hormuz, a critical chokepoint through which around 20% of global oil supply passes. Iran’s ongoing blockade has driven up oil and gas prices, raising concerns over inflationary pressures and energy security, particularly in Western economies.
While Mr Trump briefly acknowledged rising petrol prices in the US, he downplayed the broader economic risks, instead emphasising military progress and regional alliances. He praised cooperation with partners including Israel, Saudi Arabia, Qatar, the UAE, Kuwait and Bahrain, stating the US would continue to support them.
Earlier in the day, Mr Trump claimed that Iran had requested a ceasefire, though Iranian officials denied this, calling the assertion “false and baseless”. During his address, the president made only passing reference to diplomatic efforts, instead warning of further escalation if no agreement is reached.
“If there is no deal, we are going to hit each and every one of their electric generating plants,” he said, suggesting the US had so far refrained from such actions due to the potentially devastating consequences for Iran.
The conflict, now in its fifth week, has been marked by fluctuating rhetoric from Washington, alternating between signals of potential diplomacy and threats of intensified military action.
The situation also carries domestic political implications for Mr Trump, as rising energy prices could weigh on economic sentiment ahead of upcoming midterm elections. Although the president asserted that the US is now “totally independent” of Middle Eastern oil, analysts note that global price movements continue to affect domestic fuel costs.
Meanwhile, uncertainty remains over Iran’s political leadership following the reported death of Supreme Leader Ayatollah Ali Khamenei during the initial phase of US-Israeli strikes. His successor, Ayatollah Mojtaba Khamenei, has yet to make a public appearance. Questions also persist regarding Mr Trump’s reference to a “new regime president”, which was not clearly aligned with Iran’s current leadership structure.
As the conflict continues, the interplay between military developments and economic pressures — particularly in energy markets — is likely to remain a central concern for policymakers and investors alike.
