The Iran war just sent shockwaves through global markets, with oil prices tanking hard while crypto clawed back some ground yesterday. These developments are likely after President Donald Trump gave an over-the-phone interview to CBS, suggesting the Iran war might be wrapping up fast. He even claimed the U.S. military had hammered over 3,000 Iranian targets in the opening week alone.
“I think the war is very complete, pretty much,” Trump told CBS.
“If you look, they have nothing left. There’s nothing left in a military sense,” he added confidently.
That single comment triggered a massive drop in oil prices
Oil prices plunged 28% from a recent four-year peak around $118 down to roughly $85 in the following hours, per OilPrice data. Markets breathed a sigh of relief, betting the Iran war chaos might ease up soon.
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But hold up. Trump flipped the script again on Truth Social the very next day. He cranked up the Iran war rhetoric, warning that if Iran dares to mess with oil flows through the Strait of Hormuz, “they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.”
Contradictory claims on the Iran War from President Trump and Iran’s Revolutionary Guard
President Trump went on to say that “Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back as a nation again.”
“But I hope, and pray, that it does not happen!”
At a Republican fundraising event in Florida that same Monday, Trump kept the door wide open for more action in the Iran war.
“We’ve already won in many ways, but we haven’t won enough,” he said.
“We go forward more determined than ever to achieve ultimate victory that will end this long-running danger once and for all.”
Over in crypto land, things looked a bit brighter. The market jumped about 3.1% in the last 24 hours, with Bitcoin (BTC) surging back above $70,000 to around $70,901, and Ether (ETH) holding steady just over $2,000.
However, people believe it’s tough to buy Trump’s headline optimism at face value, especially when other cabinet voices say the fight’s barely getting started, and U.S. forces remain heavily deployed in the region.
Augustine Fan, partner and head of insights at crypto trading software service provider SignalPlus, pointed out that oil’s wild $30 swing in just one day is the real macro driver right now.
“Crypto prices will continue to follow other risk assets without a fundamental narrative of its own in the near term,” he noted.
“We don’t expect the conflict to be resolved any time soon,” Fan added, though he thinks BTC could shine as a store of value in shaky times, potentially seeing stronger bounces than other assets.
Meanwhile, Andri Fauzan Adziima at Bitrue offered a more hopeful take that if President Trump’s claim that the Iran war is nearly done turns out true, expect a powerful relief rally in crypto with crashing oil, lower inflation worries, and renewed appetite for risk.
Still, he cautioned that mixed signals from Iran and the chance of drawn-out uncertainty keep doubts alive.
As of now, Iran’s Revolutionary Guard has dismissed Trump’s words as “nonsense” and insisted that it is Tehran, and not Washington, that will decide when the Iran war actually ends.
