Trump signals endgame in Iran war, but maintains pressure

In his first televised address since the Israeli–American strike on Iran on 28 February, U.S. President Donald Trump said the conflict is “close to a conclusion”—but not over. He warned that military operations will continue for another “two to three weeks” as Washington pushes to secure its objectives.

“We are negotiating,” Trump said, pairing talk of diplomacy with a stark threat: absent a deal, the United States would “strike them very hard” and “send them back to the stone ages.”

The 19-minute speech stopped short of announcing victory or a ceasefire. It also avoided another feared escalation: Trump did not signal any move to withdraw from NATO, despite tensions with European allies over the war.

Energy shockwaves

Trump framed the conflict as controlled and manageable, downplaying its global consequences. He dismissed concerns over energy markets, arguing that the United States is not dependent on shipments through the Strait of Hormuz and describing rising petrol prices as temporary. Countries more exposed to the disruption, he suggested, should deal with it themselves.

That stance contrasts with growing international concern. In London, representatives from 35 countries are meeting to coordinate efforts to secure navigation through the Strait—a critical artery for global energy supplies.

Tehran, meanwhile, struck a defiant tone. Iranian officials called for the war to continue until the enemy’s surrender and made no mention of a ceasefire, despite reports of indirect talks involving regional mediators. In a public appeal to Americans, President Masoud Pezeshkian questioned whether the conflict serves U.S. interests or primarily those of Israel.

A war framed for two audiences

Trump’s address appeared carefully calibrated, aimed both at Iran’s leadership and at a domestic audience increasingly wary of a prolonged conflict. He defended the operation as necessary to dismantle a regime he accused of decades of destabilising activity, insisting that the campaign remains on track.

Behind the confident rhetoric lies a more complex reality: military gains have been tangible, but the broader strategic objectives remain elusive. The Iranian regime, though weakened, is still in place, and its leadership structure remains opaque.

Markets offered a blunt verdict. After rising earlier in anticipation of a winding down of hostilities, U.S. equities fell sharply following the speech, with losses spreading into Asian trading. This suggests investors see continued risk rather than an imminent resolution.

Regionally, caution prevails. The United Arab Emirates denied any intention to join the conflict, underscoring the reluctance among Gulf states to be drawn further into a widening war.

Trump continues to project momentum and control. Yet with weeks of fighting still ahead and no clear political settlement in sight, the endgame he promises remains uncertain.