President Donald Trump said the war with Iran is "very close to over" and predicted the stock market will "boom" once the conflict ends, striking a confident tone in a prerecorded Fox Business interview broadcast Wednesday as diplomatic signals from multiple directions pointed toward a possible extension of a fragile ceasefire.
Trump made the remarks on Fox Business Network's "Mornings with Maria," telling host Maria Bartiromo that Tehran is eager to come to terms after sustained U.S. military pressure, CNBC reported.
The president's comments landed on the same morning the Associated Press reported, citing regional officials, that the U.S. and Iran have reached an "in principle agreement" to extend their two-week ceasefire to allow more diplomacy. But a senior U.S. official told CNBC that Washington "has not formally agreed to an extension of the ceasefire," adding that "there is continued engagement between the U.S. and Iran to reach a deal."
That gap, between reported progress and confirmed commitment, frames the most consequential week of the conflict so far. The ceasefire expires next week, and the clock is running.
Trump left little ambiguity about how he views the balance of power. In the Fox Business interview, he said plainly:
"We've beaten them militarily, totally."
He expanded on the point with a stark assessment of the damage U.S. strikes have inflicted, as the New York Post reported. Trump argued that the pressure from military action is what pushed Tehran toward the negotiating table in the first place.
"I think it's close to over, I view it as very close to over.... If I pulled up stakes right now it would take them 20 years to rebuild that country, and we're not finished."
That 20-year figure, Trump's own estimate of Iran's reconstruction timeline, is the kind of number designed to concentrate minds in Tehran. Whether or not it holds up to a Pentagon audit, it signals that the president sees no reason to bargain from weakness.
On the question of Iran's willingness to negotiate, Trump was characteristically direct. "We'll see what happens, I think they want to make a deal very badly," he said. He also told the New York Post on Tuesday that fresh U.S.-Iran talks in Islamabad "could be happening over the next two days."
While diplomatic feelers extend in one direction, the military vise tightens in the other. U.S. Central Command said late Tuesday that the blockade of the Strait of Hormuz, a vital maritime passage largely controlled by Iran, had been fully implemented, "completely" cutting off Tehran's international sea trade by preventing ships from entering or exiting Iranian ports.
That is an extraordinary statement. A full naval blockade of a major oil-producing nation is one of the most aggressive short-of-invasion tools in the American arsenal. Fox News opinion coverage described it as "American sea power on display as Trump corners Iran."
Oil prices have soared due to supply disruptions tied to the conflict, and the blockade's full implementation only adds to the pressure on global energy markets. For American consumers already watching gas prices, the end of the war cannot come soon enough.
Trump has long tied his broader economic vision to energy abundance. His administration has pushed major domestic investment, including a $300 billion refinery project announced in Brownsville, Texas, as part of the case that American energy dominance is the foundation of sustained growth.
Peace talks failed last weekend. Since then, the White House has moved on two tracks simultaneously: continuing the blockade and reopening diplomatic channels.
A White House official told CNBC on Tuesday morning that a second round of negotiations between Washington and Tehran was under discussion, though nothing had been officially scheduled at that time. Trump's own comments to the New York Post suggested talks could begin within 48 hours, potentially in Islamabad.
The Associated Press reported Wednesday that regional officials described an "in principle agreement" to extend the ceasefire. But the senior U.S. official who spoke to CNBC pushed back on that characterization, saying the U.S. had not formally agreed to any extension.
That tension matters. An "in principle agreement" that one side has not formally accepted is not yet an agreement at all. And the ceasefire clock runs out next week.
Trump's broader economic strategy, from tariff revenue proposals to trade negotiations, has consistently rested on the premise that strength at the table produces better deals. The Iran situation is the highest-stakes test of that premise yet.
Trump connected the end of the conflict directly to the economy, telling Bartiromo that the "stock market is going to boom, it's already booming." Just The News noted that Trump framed the war's conclusion as the catalyst for even stronger market performance than the gains already underway.
The logic is straightforward: end the war, stabilize oil markets, remove the geopolitical risk premium, and watch capital flow. Global market turbulence tied to the Iran conflict has rattled investors for weeks. A credible peace deal would remove the single largest source of uncertainty hanging over equities and energy prices alike.
Trump also stated the core strategic objective in terms that leave no room for ambiguity: "We have to stop them from ever having a nuclear weapon." That line draws the red line where it has always been for American policymakers of both parties, but Trump is the one who backed it with a blockade and sustained military operations.
His choice of Kevin Warsh to lead the Federal Reserve reflected the same instinct, putting people in place who share his conviction that American economic strength is not an abstraction but a policy outcome to be engineered and defended.
The Washington Times reported that Trump tied the end of the war to falling oil and gas prices, adding another layer to the economic argument. But several questions remain open as the ceasefire deadline approaches.
The exact terms of the reported "in principle agreement" have not been disclosed. The specific expiration date and time of the ceasefire have not been made public. And the identity of the senior U.S. official who contradicted the AP's reporting remains unknown, raising the question of whether the disagreement reflects genuine policy division or careful negotiating posture.
The administration's willingness to maintain the blockade while simultaneously pursuing talks is a classic pressure-and-negotiate strategy. It only works if the other side believes you will follow through. CENTCOM's announcement that the blockade is now "completely" in effect suggests the follow-through is real.
The Supreme Court's recent ruling on emergency tariff powers showed that Trump's executive authority faces institutional checks at home. Abroad, the constraints are different, and the stakes higher.
The next seven days will determine whether Trump's confident prediction holds. A ceasefire extension, if formalized, buys time. Talks in Islamabad, if they materialize, could produce the framework for a deal. The blockade, if sustained, keeps maximum pressure on a regime Trump says has already been beaten.
For American families paying more at the pump and watching their 401(k)s ride the volatility, the calculation is simple. End the war. Stabilize the markets. Bring the troops home with the mission accomplished.
Trump says it's close. The next few days will tell us whether Tehran agrees, or whether "very close to over" is still a long way from done.