Trump Says Iran War ‘Fairly Soon’ to End Amid Talks; Oil Prices Drop

U.S. President Donald Trump said on November 9, 2026, that the war with Iran could end "fairly soon," citing diplomatic momentum and military setbacks for Iran. He described Tehran as "talking very politely" with Washington and claimed Iran’s navy is effectively destroyed while inflation has weakened its economy. Trump noted that regional countries like Qatar and Saudi Arabia favor maintaining a naval blockade and "Operation Iron Gate" to stop Iran’s weapon transport on land.

Trump reiterated that Iran would not be allowed to develop nuclear weapons but left open the possibility of further U.S. strikes, calling the military "docked and loaded" but striking more was "quite unlikely." The conflict, now in its ninth month, has increased fuel prices worldwide. Following poor midterm election results for Republicans, the administration has reduced aggressive war rhetoric and shifted toward negotiations.

Iran reportedly proposed lifting sanctions and a new shipping route via Qatar, which the U.S. is reviewing, though Iranian officials deny active talks. Oil prices fell in response to the potential de-escalation, with U.S. West Texas Intermediate crude down over 1% to $85.8 per barrel and Brent crude dropping more than 1% to $91.56 per barrel near a 10-week low. This matters for investors as easing Iran tensions could lower oil prices and ease inflationary pressure on costs worldwide.