“We took a little excursion because we felt we had to do that to get rid of some evil. Then, I think you’ll see it’s going to be a short-term excursion,” Trump said during a news conference in Florida.
The fall in oil prices on Tuesday has given traders a moment to “exhale”, but energy markets remain in a state of “total tug-of-war”, said Alberto Bellorin from oil and gas investment firm InterCapital Energy.
Oil trading will “remain incredibly twitchy” and prices are likely to spike if the conflict escalates and fall if it seems to be easing, he said.
Share prices in Asia made gains as concerns about the economic impact of he conflict eased.
Japan’s Nikkei 225 was 3.3% higher, while the Hang Seng in Hong Kong was up by 1.7% and South Korea’s Kospi gained 6.2%.
Stock markets in the region were hit hard the previous day on investor concerns that disruptions in the Gulf could mean higher inflation and rising interest rates.
The Strait of Hormuz is crucial to the global energy market as around a fifth of the world’s oil passes through the narrow waterway.