US President Donald Trump said on Sunday that he believes the war with Iran will be won “very soon,” adding that additional military strikes before the midterm elections are possible, Fox News reported. 

“I think what’s going to happen is we’re going to win this war very soon, and as soon as we win it, the oil will go down, way down to what it was before the war,” said Trump. “And the key is, Iran will not have a nuclear weapon,” he added, saying nuclear deterrence was “key to the whole thing.”

Meanwhile, Iran’s Persian Gulf Strait Authority (PGSA) warned shipowners Sunday against using “unauthorized” routes through the Persian Gulf and Strait of Hormuz, threatening consequences for noncompliant shipping companies.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is up 0.72% on the day at $92.00.