Oil falls as Trump signals Iran conflict could end soon

Oil prices fell after Donald Trump declared the US war on Iran “effectively over” and suggested the conflict would soon conclude. Speaking at a White House press conference, the president said Israel and Gulf allies were well protected against Iran and that further escalation was unnecessary. Brent crude slipped below $90, reaching its lowest level since August.

Trump nevertheless said American forces remained prepared to act for any reason. His remarks combined an assertion of continued military readiness with an optimistic assessment of the conflict’s direction. “We’re seeing momentum toward the end of this conflict,” he said, adding that he expected it to end fairly soon.

In Congress, Republican representative Thomas Massie of Kentucky introduced eight articles of impeachment against US defense secretary Pete Hegseth, moving to force a vote. The articles accuse Hegseth of conducting an illegal war without congressional approval and misusing his authority.

The US military also reportedly relocated aircraft from a second British airbase following an Iranian threat. Two American refuelling tankers operating from RAF Mildenhall diverted to Germany on Monday morning. Several additional tankers stationed at the base were subsequently transferred to Germany and other destinations later that day.

The conflict’s impact on energy markets has also featured in the outlook for global emissions. Higher oil and gas prices following the Iran war have encouraged a shift away from fossil fuels. Data collected so far this year indicate that carbon dioxide emissions from oil, gas and coal are forecast to remain flat in 2026.

In another development involving Iran, France blamed the country’s Revolutionary Guards for cyber-attacks targeting supermarket refrigerators last month. French authorities described the attacks as unprecedented.

Separately, leaked death records from Russia’s state statistics agency, Rosstat, suggest that more than 400,000 Russians have died fighting in Ukraine since Vladimir Putin launched the full-scale invasion. The figures point to losses without precedent in modern Russian history. Talks have begun in Abu Dhabi, where US officials are seeking an end to the war and a lasting security framework between Moscow and Europe.

In the United States, the supreme court permitted the Trump administration to resume border wall construction in Texas’s Big Bend region, including sections of Big Bend national park. The justices granted an emergency request to suspend a lower court’s temporary halt. Opponents say the construction endangers wildlife and public lands and could destroy prominent stretches of the Rio Grande’s protected river corridor.