Oil prices swung dramatically over a 24-hour period as conflicting signals from the Trump administration created uncertainty about the trajectory of the ongoing U.S.-Israeli war against Iran. Brent crude surged to $119.50 per barrel Monday — a roughly 32 percent spike — before plunging to approximately $91.70 per barrel after President Donald Trump told CBS News the conflict was "very complete, pretty much." U.S. crude similarly fell around 5 percent to approximately $86 per barrel following Trump's remarks.

The president's comments stood in direct contrast to statements from his own defense secretary. Pete Hegseth told CBS News's "60 Minutes" that "this is only the beginning," while Trump was simultaneously signaling the war's conclusion elsewhere. Trump also issued a stark warning on social media, threatening to strike Iran "twenty times harder" if Tehran interfered with oil flows through the Strait of Hormuz, through which roughly one-fifth of global oil and seaborne gas tankers typically pass. The strait has been effectively closed for approximately one week.

Iran responded defiantly to the American pressure. Ali Larijani, secretary of Iran's Supreme National Security Council, reposted Trump's threat on X and warned the U.S. government to "beware, lest you are the ones who are eliminated." Iran's Revolutionary Guards separately vowed they would not allow "one liter of oil" to leave the region if U.S. and Israeli attacks continued. Meanwhile, Iran's new supreme leader, Mojtaba Khamenei, was formally appointed, succeeding his father who was killed in U.S.-Israeli strikes more than a week ago.

Global markets, which had been rattled by the energy price surge, rebounded after Trump's comments eased fears of a prolonged conflict. European indexes recovered sharply on Tuesday, with Germany's DAX up 2.32 percent, France's CAC 40 up 1.86 percent, and Britain's FTSE 100 up approximately 1.67 percent. Asian markets also posted gains, with South Korea's Kospi rising as much as 6 percent and Japan's Nikkei 225 climbing 2.5 percent.

The conflict's ripple effects are being felt well beyond financial markets. Vietnam, heavily dependent on Middle Eastern energy imports, reported gasoline prices up 32 percent, diesel up 56 percent, and kerosene up 80 percent since hostilities began, prompting the government to urge businesses to allow employees to work from home. Gulf states including Kuwait and the United Arab Emirates reported intercepting Iranian missiles and drones targeting critical infrastructure. European Union Council President António Costa warned that Russia was emerging as the sole beneficiary of the conflict, gaining revenue from higher energy prices and reduced Western focus on Ukraine, as French President Emmanuel Macron indicated European nations may deploy naval vessels to escort commercial shipping once the most intense phase of fighting subsides.