The Dow Jones, S&P 500, and Nasdaq stock indices all climbed to open Tuesday trading after US President Donald Trump reportedly discussed ending the war with Iran. Indeed, Trump reportedly told administration officials that he would be willing to end the war in Iran without a full reopening of the Strait of Hormuz. Per a Wall Street Journal report, Trump and his aides assessed that a mission to pry open the chokepoint would push the conflict beyond his timeline of four to six weeks. Hence, he decided that the U.S. should achieve its main goals of hobbling Iran’s navy and its missile stocks and wind down current hostilities while shifting focus away from the Strait of Hormuz.
Trump on Tuesday morning urged other countries to launch their own operation to wrest control of the strait from Iran, blaming countries like the U.K. for not joining the U.S.-Israeli mission against the Islamic Republic. “Build up some delayed courage, go to the Strait, and just TAKE IT. You’ll have to start learning how to fight for yourself, the U.S.A. won’t be there to help you anymore, just like you weren’t there for us,” Trump posted on his Truth Social network. “Iran has been, essentially, decimated. The hard part is done. Go get your own oil!”
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The Strait’s closure has boosted oil prices, with Brent crude oil futures (BZ) up by 41% over the past month. However, the US economy and stock market have had a bumpy start to the year, not helped at all by the ongoing war. Furthermore, Multiple countries, including U.S. allies, are reeling from the downturn in energy supply that once flowed freely through the chokepoint. Industries that rely on items such as fertilizer to grow food or helium to make computer chips are suffering from shortages.
On Monday, White House press secretary Karoline Leavitt told reporters that the U.S. was “working towards” normal operations in the strait, but didn’t list it among the core military objectives of targeting Iran’s navy, missiles, defense industry and ability to make a nuclear weapon.