Oil prices briefly shot to their highest level since 2022 a day after Iran selected Ayatollah Mojtaba Khamenei to succeed his late father as Iran's supreme leader. Investors saw it as a signal that Iran was digging in 10 days into the war launched by the United States and Israel.
But prices later fell and US stocks rose on hopes that the war with Iran may not last much longer.
"We took a little excursion" to the Middle East "to get rid of some evil. And, I think you will see it is going to be a short-term excursion", Trump told Republican lawmakers at his golf club near Miami.
Hours later, Trump posted on social media: "If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far."
In an apparent response to Trump's remarks published in Iranian state media, a spokesperson for the paramilitary Revolutionary Guard, Ali Mohammad Naini, said, "Iran will determine when the war ends."
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