Main developments
Donald Trump said the war with Iran would end “very soon”, but indicated to reporters it would not be within the next week. Earlier on Monday, the president told CBS the conflict with Tehran “very complete, pretty much” and that there was “nothing left in a military sense” in the country.
The US president’s comments prompted a sell-off in energy markets, sending the prices of Brent crude and West Texas Intermediate back below $90 a barrel. Wall Street stocks closed higher as oil prices eased.
Crude prices fell back below $100 after G7 finance ministers said the group “stands ready” to release petroleum from emergency reserves. Earlier on Monday, the oil price had surged to $119, the highest level since 2022.
Russian President Vladimir Putin discussed his ideas for ending the Middle East war, which were informed by his conversations with Gulf leaders, in a telephone call with Trump.
Nato air defences shot down a ballistic missile that entered Turkish airspace, the second such incident during the conflict.
Israel launched more strikes on targets in Iran and Lebanon.
Iran’s armed forces ‘waiting for the US Navy’ in Strait of Hormuz
Iran’s Revolutionary Guards have hit back at Donald Trump’s comments, saying “the end of the war is in Iran’s hands.”
“Iran’s armed forces are waiting for the US Navy and the Gerald Ford aircraft carrier in the Strait of Hormuz,” the IRGC spokesperson said in comments in state media.
“Iran will determine the end of the war,” he said, adding that Iran’s armed forces will protect the region’s oil and security.
“We are continuing the war with all our strength.”
IRGC promises Strait of Hormuz access in exchange for ambassador expulsion
Iran’s Revolutionary Guards said any Arab or European countries that expel US or Israeli ambassadors from their countries could regain access for their vessels to transit the Strait of Hormuz.
Countries willing to take that step would, from Tuesday, have full access and freedom to travel the narrow waterway, which is a choke point for global commodities, the IRGC said, as it seeks to step up pressure on the international community amid its ongoing war with the US and Israel.