U.S. President Donald Trump said the conflict with Iran amounts to a relatively small war for the United States, dismissing concerns that missiles and other American weapons are being depleted faster than expected. His remarks came as hostilities that have alternated between fighting and lulls for more than six months flared again.
Neither Washington nor Tehran has signaled any willingness to resume negotiations to end the war.
Trump told reporters that the war with Iran is "a relatively little war" for the United States and "not a big war," Bloomberg reported on the 1st. He also rejected criticism, raised after months of airstrikes and long-range missile attacks on Iran, that the U.S. is running short of munitions.
Trump said the U.S. holds "tremendous amounts, unlimited amounts" of older, mid-tier and lower-grade munitions. "The only thing we're talking about is the so-called elite equipment, and even that we have a lot of," he added, saying the U.S. could pull supplies from elsewhere whenever needed. Earlier the same day, he told Fox News that the U.S. would respond to Iranian attacks on American forces.
The comments followed the first exchange of strikes between the U.S. and Iran in about a month. U.S. forces struck an island in the Strait of Hormuz, and Iran responded with attacks targeting the United Arab Emirates and Jordan. The U.S. strike was the first since late July, coming as Trump had shifted his focus toward economic pressure to extract concessions from Tehran.
Bloomberg noted that the episode illustrates the level of tension between the two countries, which remain at odds over the status of the Strait of Hormuz. Trump's remarks hinting at further attacks suggest the two sides may have returned to a phase of military escalation, which could increase volatility in energy and equity markets.
U.S. Treasury Secretary Scott Bessent signaled an economic onslaught aimed at Iran and its trading partners, including China, which buys 90% of Iranian crude. But the economic pressure has not been strong enough to force Supreme Leader Mojtaba Khamenei and hardliners in the government to accept U.S. demands and allow free passage through the strait. Countries maintaining ties with Iran have so far shrugged off the threat of sanctions.
A sustained resumption of hostilities risks driving up energy costs and fueling inflation. That could unsettle global investors and complicate Republican efforts to hold their congressional majority in November's midterm elections. Oil prices are also rising. Brent crude settled above $90 a barrel, and European natural gas prices climbed as well.
Iranian Foreign Minister Abbas Araghchi said Tehran remains open to resuming diplomacy with Washington but argued that progress depends on the U.S. abandoning its pressure campaign. Iran has specifically demanded that the U.S. lift its blockade of Iranian ports. U.S. operations have left Iran unable to ship crude to international markets or import many essential goods, pushing prices higher. Citing creative discussions held last week with mediator Qatar, Araghchi said the U.S. needs to understand the simple fact that pressure does not work.
