Trump considers ‘winding down’ US military operations against Iran

Edited by Peter Wells in New YorkIran launched missiles towards Israeli and US targets whilst Tehran and southern Iran were hitDonald Trump said he was considering “winding down” the US’s war against Iran as the American military is “getting very close” to meeting its objectives. He also said he did not want a ceasefire between the US, Israel and Iran.The Pentagon ordered the deployment of thousands more troops on three warships to the Middle East, as it continued to build up its forces for the war against Iran.The US will allow countries to buy Iranian oil stranded at sea in an effort to tame spiralling energy pricesThe S&P 500 closed 1.5 per cent lower on Friday and fell for a fourth straight week as signs of escalation in the Gulf, rising oil prices and the prospect of higher interest rates spooked investors.Brent crude settled 3.3 per cent higher at $112.19 per barrel on Friday for its fifth weekly gain in a row.Ayatollah Mojtaba Khamenei issued another written statement to mark the Persian New Year, slamming the US and Israeli “delusion” that Iran would collapse when his late father was killed.Claire Jones in WashingtonThe US will allow countries to buy Iranian oil stranded at sea in an effort to tame energy prices, which have leapt since the start of the war against Iran.The temporary waiver would quickly bring about 140mn barrels of oil to global markets, US Treasury secretary Scott Bessent said.Iranian oil is currently “being hoarded by China on the cheap,” he said, and “temporarily unlocking this existing supply” would expand the volumes available to the international community.“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Bessent said in a statement on Friday evening.The authorisation, issued earlier today, is strictly limited to oil already in transit and does not allow new purchases or production, Bessent confirmed.Brent crude, the global oil benchmark, soared to $119 a barrel on Thursday.Peter Wells in New YorkGains for the oil price on Friday briefly evaporated after Donald Trump said the US was considering “winding down” its war against Iran.The price of international benchmark Brent crude, which settled 3.3 per cent higher on Friday at $112.19 a barrel, reversed course in after-hours trading and was 0.6 per cent lower at $108.Trading volumes are thin outside normal trading hours, potentially leading to outsized price moves.Peter Wells in New York and Steff Chávez in WashingtonDonald Trump said the Strait of Hormuz “will have to be guarded and policed” by nations that use it, though he said the US “will help these Countries in their Hormuz efforts” if asked.The president said in a Truth Social post on Friday he did not think American help would be necessary “once Iran’s threat is eradicated” and that the policing task for those nations would be “an easy military operation for them”.Trump reiterated that the US did not rely on the narrow waterway, which is a chokepoint for global commodities.Earlier on Friday afternoon, Trump told reporters that Nato “could help us” but so far allies “haven’t had the courage to do so, and others could help us.”Peter Wells in New YorkDonald Trump said he was considering “winding down” the US’s war against Iran as the American military was “getting very close” to meeting its objectives.In a Truth Social post on Friday afternoon, the president said: “We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East with respect to the Terrorist Regime of Iran.” Those objectives included wiping out Iran’s missile capabilities, defence industrial base and its navy and air force — as well as stopping Tehran from getting “even close to Nuclear Capability”.Trump’s post comes hours after the Pentagon ordered the deployment of thousands more troops to the Middle East as the US continues to build up its forces in the region.Steff Chávez in WashingtonDonald Trump criticised the UK for not allowing the US to use its air bases sooner, saying Britain should have “acted a lot faster”.“It’s been a very late response from the UK,” the US president said, adding it was “a surprise because the relationship is so good”. He complained that the UK did not let the US use the countries’ joint base at Diego Garcia: “They didn’t want us to use the island, the so-called island, which, for some reason, they gave up rights to it.”“This has never happened before,” Trump said. “They were really pretty much our first ally.”George Steer and Peter Wells in New YorkThe S&P 500 suffered its third-biggest one-day decline of 2026 and its longest weekly losing streak in a year.Wall Street’s benchmark index ended the session down 1.5 per cent, with nine of 11 sectors in negative territory. Interest rate-sensitive real estate stocks were among the worst performers, as investors increased their bets that the Federal Reserve would be forced to lift interest rates this year in order to tame a potential inflation shock brought about by rising energy prices.The S&P 500 has dropped 1.9 per cent since last Friday, bringing up a fourth consecutive week of declines.The tech-heavy Nasdaq Composite ended Friday 2 per cent lower and down 2.1 per cent for the week.Brent crude settled 3.3 per cent higher at $112.19 a barrel, its highest closing level since July 2022. The international benchmark rose 8.8 per cent over the week for a fifth straight weekly gain.West Texas Intermediate settled 2.3 per cent higher at $98.32, but notched its first weekly drop in five weeks.Steff Chávez in WashingtonDonald Trump said he does not want a ceasefire between the US, Israel and Iran.“We can have dialogue, but we don’t,” the US president told reporters on Friday afternoon. “I don’t want to do a ceasefire.”“You don’t do a ceasefire when you’re literally obliterating the other side.”Trump also said Israel would be ready to end the war when he is because the allies want “more or less similar things.”When asked if Israel would be willing to conclude the conflict once the US wants to end it, Trump said: “I think so.” The relationship between the two allies was a “very good one,” he added.Trump declined to say what plans he had for Kharg Island, Iran’s crucial oil export hub that the US struck last week.“I may have a plan or I may not, but how would I ever say that to a reporter?”Comments have not been enabled for this article.