- Trump said the war in Iran could end "fairly soon," saying Iran "militarily is effectively over."
- Washington has toned down the war rhetoric after a bruising set of midterm election results that saw Republicans lose both chambers of Congress.
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Follow your favorite stocksCREATE FREE ACCOUNTU.S. President Donald Trump speaks in the James S. Brady Press Briefing Room of the White House on Nov. 9, 2026 in Washington, DC. Chip Somodevilla | Getty ImagesU.S. President Donald Trump said on Monday that the war with Iran could end "fairly soon," adding that Tehran was "talking very politely" with Washington.
Trump told reporters in the White House Monday, after a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani, that "We're seeing momentum toward the end of this conflict. I think it's going to be ending fairly soon."
"Iran militarily is effectively over," Trump said, citing the destruction of its navy and surging inflation that he said has hollowed out its economy.
Qatar, Saudi Arabia, UAE, Bahrain, Kuwait would "prefer the status quo" which involves maintaining the naval blockade against Iran and "Operation Iron Gate" — a task force announced on Saturday aimed at preventing Iran from using ground routes to transport advanced weapons and other materials — Trump said in a Truth Social post.
He reiterated that Iran would not be allowed to have a nuclear weapon and kept the door open for potentially resuming strikes should circumstances change. "America is 'docked and loaded' and ready to go," he said, though caveating that new strikes were "quite unlikely."
The conflict, now in its ninth month, has driven a surge in fuel prices, hitting nearly every sector of the global economy.
The U.S. had reportedly planned for a potential increase in naval forces in the Middle East in the run-up to the midterm elections, with Trump hinting at escalating the conflict after the results.
The administration has since toned down the war rhetoric after bruising midterm election results that saw Republicans lose both chambers of Congress as voters expressed frustration with soaring living costs stemming from the war.
watch nowVIDEO3:4503:45Crude oil can hit $150 per barrel if conflict escalates, but a collapse is aheadSquawk Box AsiaA diplomat briefed on the Qatar meeting told Axios that Trump told Al Thani that he wanted a deal and would give talks a chance, but could reverse course if Iran does not take the negotiations seriously.
Iran has put forward a two-day proposal to the U.S. via Qatari mediators, Reuters reported, citing a senior Iranian official, demanding lifting of the sanctions imposed on Tehran and a new shipping route in the Strait of Hormuz. Washington was reviewing the proposal, according to the report.
Iranian officials have disputed that talks with Washington were underway. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, reportedly said that Washington should stop "manufacturing fake news about imaginary talks."
Oil prices edged lower on Tuesday on the prospect of de-escalation, extending losses from the previous day. U.S. West Texas Intermediate dropped over 1% to $85.8 per barrel, after sliding more than 4% in the prior session. Brent futures dropped more than 1% to $91.56 a barrel, hovering near 10-week low levels.
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