Earlier on Monday Trump did a TACO for the benefit of markets, sending oil down from its highs and boosting stocks:
He has since spoken at a Republican conference where he has delivered much more mixed messaging.
Summary:
Donald Trump delivered hawkish remarks on the war with Iran at a Republican conference, signalling the U.S. intends to pursue a decisive outcome.
Trump said the U.S. has already achieved major battlefield success but insisted the conflict will continue until Iran is fully defeated.
He claimed Iran’s drone and missile capabilities are being “demolished” by ongoing military operations.
Trump argued Iran had been preparing attacks against the U.S., Israel and the broader Middle East before the conflict escalated.
Despite the hardline rhetoric, Trump said the campaign could be relatively short and suggested the war may end soon.
The remarks underscore continued escalation risks in the Middle East, a key driver of volatility in oil and safe-haven assets.
U.S. President Donald Trump struck a defiant tone on the war with Iran, declaring that the United States will continue military operations until Tehran is fully defeated while suggesting the conflict may ultimately prove short-lived.
Speaking at a Republican conference, Trump said American and allied forces have already achieved significant success on the battlefield but insisted that the campaign is far from complete.
“We’ve already won against Iran,” Trump said, before adding that the victory so far was not sufficient. He stressed that the United States is determined to achieve “total victory” over what he described as a terrorist regime.
Trump emphasised that Washington will not ease pressure until Iran is decisively defeated, repeating that the United States “will not rest” until that objective is achieved.
According to the president, U.S. military operations are rapidly degrading Iran’s military capabilities. He said Iranian drone and missile systems are currently being destroyed as part of the ongoing campaign.
Trump also claimed the conflict pre-empted a planned Iranian offensive, stating that Tehran had been preparing to attack the United States, Israel and other parts of the Middle East within a matter of days before hostilities escalated.
Despite the strong rhetoric, Trump suggested the conflict may not become a prolonged war. He described the campaign as potentially a “short-term excursion” and indicated the fighting could end soon as Iran rallies behind a new hardline leader.
The remarks highlight the administration’s dual messaging: projecting military dominance while signalling the possibility of a relatively rapid conclusion to the conflict.
For markets, the trajectory of the war remains a key uncertainty. Ongoing hostilities have already disrupted Middle East energy flows and driven volatility in oil prices, while investors continue to monitor geopolitical risks across the region.
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This is not over despite Trump's bravado.
