Oil prices tumbled from four-year highs on Tuesday after US President Donald Trump suggested the war in Iran could conclude 'very soon'. Brent crude, which surged past $119 per barrel on Monday, settled at $98.96 following Trump's comments to CBS News that the conflict was 'very complete, pretty much'. The S&P 500 also recovered from early losses to close higher.
Trump's remarks came during a press conference in Florida aimed at calming global markets and reassuring allies. However, he offered no clear timeline or endgame, stating the war would end 'soon' but evading questions about whether it could wrap up this week. Defense Secretary Pete Hegseth had previously described the campaign as 'just the beginning'.
Meanwhile, Vice President JD Vance and Hegseth attended a dignified transfer ceremony at Dover Air Force Base for Sergeant Benjamin Pennington, the seventh US soldier killed in the conflict. Pennington died from injuries sustained in a March 1 strike on Prince Sultan Air Base in Saudi Arabia. Six other fallen soldiers have been returned to US soil.
In related developments, North Korean leader Kim Jong-un claimed progress in arming ships with nuclear weapons, linking the program to the US-Israel bombardment of Iran. South Korean President Lee Jae-myung acknowledged that US forces in South Korea had redeployed some Patriot missile defense systems to the Middle East, but said this did not hinder deterrence against North Korea.
