President Donald Trump is privately discussing with senior advisors whether to formally declare the US-Iran war over, according to reporting by the Wall Street Journal on September 3. Trump indicated to aides he favors the idea, believing continued economic pressure will force the Iranian regime either to dismantle its nuclear program or face collapse.
Senior aides have warned that further escalation could harm Republican prospects in midterm elections. Trump has committed to personally campaigning in 35 key races during the final push of the midterms.
The discussions occur amid ongoing military activity in the Middle East. Iran launched retaliatory missile and drone attacks on US forces, with reported strikes on facilities in Kuwait and continued tensions near the Strait of Hormuz. Iranian forces claimed hits on multiple US bases across several countries, though the US has not publicly responded to the overnight Iranian attacks.
In response, Secretary of State Marco Rubio ordered US embassies worldwide to demand that governments "immediately and systematically" cut trade with Iran. Trump told reporters this week that a renewed campaign against Iran "won't continue for too long." The conflict, which began with US and Israeli strikes in late February, has seen multiple ceasefire attempts and interim deals.
Oil prices showed modest movement, with WTI crude trading under $91 per barrel and Brent crude around $95 per barrel Thursday, sliding slightly following Trump's comments about potentially ending the conflict.
Bitcoin recovered to trade around $77,730, up more than 1% during early Thursday trading after New York Fed President John Williams indicated a lowering inflation trend. Williams attributed rising Treasury yields primarily to a strong US economy and substantial investments in AI and technology rather than inflation concerns. Trading volume declined 12% over the previous 24 hours ahead of Friday's Non-Farm Payrolls data.
