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Middle East Crisis: U.S. officials responding to economic uncertainty over high oil prices predicted on Sunday that the U.S.-Israeli war on Iran would end within weeks and that a drop in energy costs would follow, despite Iran’s assertion that it remains “stable and strong” and ready to defend itself. With crude prices hovering around $100 a barrel, the Trump administration insisted all signs point to a relatively quick conclusion to the conflict that has shut the Strait of Hormuz and shaken global energy markets .

However, President Donald Trump threatened more strikes on Iran’s main oil export hub, Kharg Island, over the weekend, telling NBC News on Saturday, “We may hit it a few more times just for fun.” The comments marked a sharp escalation from Trump, who had previously said the U.S. was targeting only military sites on Kharg .

How Soon Does the US Expect the War to End?

U.S. Energy Secretary Chris Wright told ABC’s “This Week” program that the conflict would conclude relatively quickly. “This conflict will certainly come to the end in the next few weeks — could be sooner than that … and we’ll see a rebound in supplies and a pushing down of prices after that,” Wright said .

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The Trump administration plans to announce as early as this week that multiple countries have agreed to form a coalition to escort ships through the narrow Strait of Hormuz, according to the Wall Street Journal. Officials are still discussing whether those operations would begin before or after hostilities end .

What Is Iran Saying About Negotiations?

Iranian Foreign Minister Abbas Araqchi disputed Trump’s claim that Tehran wants to negotiate. “We have never asked for a ceasefire, and we have never asked even for negotiations,” Araqchi told CBS’ “Face the Nation” program. “We are ready to defend ourselves for as long as it takes” .

Araqchi sought to project an image of strength, stating, “It’s not a war of survival. We are stable and strong enough.” He added that Iran sees no reason to talk with Americans because “we were talking with them when they decided to attack us, and that was for the second time” .

What Is Happening at Kharg Island?

Trump said on Saturday that U.S. strikes had “totally demolished” much of Kharg Island, from which Iran exports almost all its oil. He warned of more strikes, telling NBC News, “We may hit it a few more times just for fun”. Despite the attacks, Iranian state media said exports were continuing as normal. Tankertrackers.com reported that two oil tankers were berthed at Kharg Island hours after the strikes. However, JPMorgan analysts warned that a strike on Kharg’s oil sites “would immediately halt the bulk of Iran’s crude exports, likely triggering severe retaliation” .

Are There Any Iran-Israel War Ceasefire Efforts?

Washington has brushed aside attempts by Middle Eastern allies to open talks, three sources told Reuters. Iran’s Revolutionary Guards said on Sunday they had fired more missiles at Israel and three U.S. bases in the region .

However, Israel and Lebanon are expected to hold talks in coming days aimed at securing a ceasefire that would see Iran-backed Hezbollah disarmed, two Israeli officials said. Lebanon was sucked into the war when Hezbollah opened fire at Israel, saying it was to avenge the killing of Iran’s supreme leader .

What Is the Status of the Strait of Hormuz?

The Strait remains effectively closed to most shipping. Although some Iranian vessels have continued to pass, the passage has been effectively closed for most of the world’s shipping since the United States and Israel attacked Iran on February 28 .

The International Energy Agency on Sunday said oil from its emergency reserves will begin flowing to global markets soon, with member countries pledging to make available 411.9 million barrels . Trump called on China, France, Japan, South Korea, Britain and other countries impacted by the choking off of oil supplies to join efforts to reopen shipping lanes. British Prime Minister Keir Starmer spoke to Trump about the need to reopen the Strait, a Downing Street spokeswoman said .

The Financial Times reported that European Union foreign ministers would discuss expanding the EU’s regional Aspides naval mission, which protects shipping against Houthi attacks in the Red Sea, to include the Strait of Hormuz. German Foreign Minister Johann Wadephul expressed skepticism about such a move .

Is Iran Targeting Civilian Areas?

Araqchi denied Iran was targeting civilian or residential areas and said it was ready to form a committee with its neighbours to investigate the responsibility for such strikes .

As the standoff continued, Iran’s Revolutionary Guards said it had fired more missile and drone barrages at targets in Israel and at U.S. military bases in the region. Saudi Arabia said it had intercepted 10 attacks .

Israel said its jets hit more targets in western Iran, including headquarters of the Revolutionary Guards and Basij militia forces in the city of Hamadan. A source briefed on Israel’s military strategy told Reuters that Israel had begun targeting roadblocks and bridges it believed Revolutionary Guards commanders were using .

FAQs: US-Iran War and Oil Crisis
Q: How soon does the US expect the war to end?

A: U.S. officials predict the conflict will end within weeks, possibly sooner .

Q: What did Trump say about Kharg Island?

A: Trump said U.S. strikes had “totally demolished” much of the island and warned, “We may hit it a few more times just for fun” .

Q: Is Iran willing to negotiate?

A: No. Foreign Minister Araqchi said, “We have never asked for a ceasefire, and we have never asked even for negotiations” .

Q: Are other countries joining a naval coalition?

A: The U.S. is discussing coalition plans. UK, France, and Germany are considering expanding their Red Sea mission .

Q: How many people have died in the war?

A: More than 2,000 people, most in Iran and Lebanon .

Q: What is the current oil price?

A: Crude prices are hovering around $100 a barrel .

Disclaimer: This information is based on inputs from news agency reports. TSG does not independently confirm the information provided by the relevant sources.