US-Iran war 'effectively over' militarily, Trump says, as oil prices drop

President Donald Trump said the US-Iran war is "effectively over" militarily, while pledging to maintain economic isolation of Tehran, a statement that sent Brent crude prices down over $7 a barrel in post-settlement trading. Trump, speaking at a press briefing, said he would keep the "status quo" of a naval blockade and "Operation Iron Gate" to sever Iran's land routes, citing support from neighboring countries. He warned the US remains "fully locked and loaded" but hopes for a deal, having deferred strike plans after talks with Qatar's prime minister. Oil markets reacted sharply, with Brent settling at $92.57 a barrel, down 5.85%, and extending losses after settlement. Brent had already fallen 16% last week, its steepest weekly drop since the pandemic began, though uncertainty remains over whether negotiations will end the war or prompt fresh US strikes.