U.S. Stocks experienced a sharp decline Friday as the conflict between the U.S. And Israel against Iran entered its fifth week, while President Trump asserted, “We’re doing really well in Iran,” and claimed victory in the ongoing military operation.
The President’s remarks, delivered to a gathering of farmers at a White House agriculture event, followed a similar declaration on Thursday that the U.S. Had “already won the war.” He reiterated his confidence on social media en route to an economic speech in Miami, stating, “Our Military Operation in Iran is going GREAT!”
Trump’s pronouncements contrasted sharply with reports from the region, where Israel continued airstrikes within Iran, and Iranian officials accused both the U.S. And Israel of pursuing a policy of genocide. Iran’s Atomic Energy Organization reported strikes Friday on the Shahid Khondab Heavy Water Complex in Arak and the Ardakan yellowcake production plant in Yazd Province, though officials stated there were no casualties or contamination risks.
Financial markets continued to react negatively to the escalating conflict. The Dow Jones Industrial Average, S&P 500, and Nasdaq all fell Friday, marking the fifth consecutive losing week for Wall Street – the longest such streak in nearly four years. Simultaneously, oil prices rose again, adding to global economic uncertainty.
Iran refuted Trump’s claims of productive negotiations, continuing its own retaliatory strikes and issuing warnings to employees of U.S.-aligned industrial companies in the region to evacuate their workplaces. Iranian officials have threatened further strikes targeting those who remain.
The Islamic Revolutionary Guard Corps has also begun enforcing a steep toll on oil ships transiting the Strait of Hormuz, a critical waterway for global oil supplies, further disrupting maritime traffic. Approximately 20% of the world’s oil passes through the strait, according to the U.S. Energy Information Administration.
Trump administration officials have accused the media of downplaying U.S. Successes in the conflict, while the President himself has consistently presented an optimistic view of the war’s progress, despite ongoing fighting and dissenting voices from Iranian officials. His approach represents a departure from the more measured tone typically adopted by wartime presidents.
During a Cabinet meeting Thursday, Trump spent a significant portion of time discussing the cost of White House pens, claiming to have reduced the price from $1,000 to $5 by switching to Sharpie brand pens. He framed this as evidence of his cost-saving abilities.
Later that day, during an interview on Fox News’ “The Five,” Trump responded to a question about access to basic necessities in Iran by complimenting the appearance of host Dana Perino, stating she looked “even better” than when he had previously met her. He then acknowledged Iranian authorities had recently allowed oil ships to pass through the Strait of Hormuz, describing it as a “present.”
The conflict has already incurred billions of dollars in costs for the U.S. And depleted reserves of critical weapons systems, including Tomahawk missiles, according to reports from the Washington Post. The cost of a single Tomahawk missile can exceed several million dollars.
Markets have been volatile, responding to Trump’s shifting statements regarding a potential end to the war, planned and subsequently postponed strikes on Iranian power plants, attacks on oil and gas infrastructure across the Middle East, and Iran’s control of the Strait of Hormuz.
Trump has repeatedly suggested an impending deal to end the war, but no such agreement has materialized. Iranian officials have downplayed the seriousness of negotiations and continued to strengthen their control over the Strait of Hormuz.
As of Friday, the number of U.S. Military deaths remained at 13. However, the conflict continues to inflict a heavy toll across the Middle East, with thousands of targets struck in Iran and the death toll approaching 2,000. Casualties have also been reported in Gulf nations allied with the U.S., as well as in Lebanon, where Israel has launched sustained attacks against the Iranian-aligned Hezbollah force.
During a Human Rights Council meeting in Geneva, Iranian Foreign Minister Abbas Araghchi accused the U.S. And Israel of harboring a “clear intent to commit genocide” in Iran, alleging that over 600 schools had been damaged or destroyed and more than 1,000 students and teachers had been killed or wounded. He specifically referenced a February 28 strike on an elementary school in Minab, which killed over 165 people, most of them children, and which the U.S. Has stated is under investigation.
In a separate interview on Fox News, Trump acknowledged intelligence reports suggesting that Iran’s Supreme Leader Ayatollah Mojtaba Khamenei is gay, a crime under Iranian law. He stated, “They did say that, but I don’t know if it was only them. I reckon a lot of people are saying that. Which puts him off to a bad start in that particular country, you know?”
An AP-NORC poll released this week indicated that a majority of Americans believe the U.S. Military campaign in Iran has gone too far, including approximately a quarter of Republicans, and expressed concerns about rising gas prices.
During his Cabinet meeting, Trump asserted the U.S. Was “extremely…really a lot ahead of schedule” in its war effort and claimed the “Iranian regime is now admitting to itself that they have been decisively defeated.” However, he also acknowledged the potential threat of mines in the Strait of Hormuz, despite claiming the U.S. Had eliminated Iran’s “mine droppers,” and stated that even a 1% threat of a mine could disrupt shipping lanes.
He claimed the U.S. Had “decimated” approximately 99% of Iranian capabilities, but cautioned that the remaining 1% posed an unacceptable risk, as even a single missile strike could damage a $1 billion ship.
