US President Donald Trump has said the US-Israeli war with Iran is "pretty much" over, suggesting the conflict is progressing faster than originally expected.
Speaking in a phone interview with CBS News on Monday, Trump claimed Iran's military capabilities had been severely weakened.
"I think the war is very complete, pretty much. They have no navy, no communications, they've got no air force," Trump said, repeating battle damage assessments he has given in recent days.
He added that the United States was "very far" ahead of his initially stated timeframe of four to five weeks for the conflict.
Strategic waterway disruption
Trump's remarks came as markets reacted sharply to the ongoing war.
Oil prices surged past $100 a barrel on Monday — their highest level since Ukraine war started in 2022 — after Iran war led to blockade of the Strait of Hormuz to most oil tankers.
The strategic waterway normally carries nearly 20 percent of global crude oil supplies.
Oil markets and policymakers worldwide are closely monitoring the conflict's impact on Gulf energy infrastructure.
Benchmark oil prices have risen between 40 and 50 percent since the United States and Israel launched their attacks on Iran on February 28.
The price surge has already triggered concern among governments and consumers globally, with fuel price increases prompting queues at petrol stations in countries including Vietnam and the Philippines.
In Europe, Hungary and Croatia have introduced fuel price caps to contain rising costs.
