Trump says war with Iran could end very quickly
Oil futures had their sharpest weekly drop since April, and Trump has invoked the Defense Production Act to boost petroleum and refining capacity.
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UpdateFriday, October 23, 2026 at 11:00 AM ET
Trump says the United States could take all of the oil in Iran.
Trump said the war with Iran could end very quickly. He also asked whether the United States should finish it or let it wither.
Trump said flows through the Strait of Hormuz now exceed pre-conflict levels. Iran's Fars news agency reported that Iran has stopped illicit vessel traffic in the strait. Talks on reopening the strait have stalled since late September, and Tehran wants the blockade lifted first. Iran's Supreme Leader's representative in Khuzestan said any reopening must happen within Iran's arrangements and conditions.
Similar lines about a quick end have run since late September. On October 22, Trump invoked the Defense Production Act to boost petroleum and refining capacity.
A senior Iranian security official said Tehran will not separate Netanyahu from Trump. Iran has warned that it will not distinguish between Washington and Jerusalem in any escalation, a point that bears on how markets weigh the timing of any strike. The statement reads as a continuation of the standoff rather than a turning point.
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