United States President, Donald Trump, has said the ongoing military campaign against Iran will soon come to an end, in a move aimed at calming global markets rattled by the escalating conflict in the Middle East.

Speaking at a press conference in Florida on Monday, Trump described the operation as a “short-term excursion” and expressed confidence that the war would soon be resolved.

“It’s going to be ended soon, and if it starts up again they’ll be hit even harder,” the US president said.

The conflict has already triggered major economic reactions across the world. Global stock markets initially slumped while oil prices surged past $100 per barrel, the highest level since the Russian invasion of Ukraine. However, markets began to stabilize after Trump’s remarks, with Wall Street recovering and Asian markets in Tokyo and Seoul opening stronger on Tuesday.

Iran’s Revolutionary Guards, however, rejected Trump’s assertion, insisting that Tehran, not Washington, would determine when the war ends.

The development coincided with the first day in office of Iran’s new Supreme Leader, Mojtaba Khamenei, who was appointed by the Assembly of Experts following the death of his father, Ali Khamenei. Shortly after assuming office, Iranian forces reportedly launched a fresh wave of missile and drone attacks targeting Saudi Arabia, Bahrain, Qatar, the United Arab Emirates and Israel.

Another missile was fired toward Turkey, a member of the North Atlantic Treaty Organization, but the alliance’s air defence systems intercepted it before it could reach its target.

A major concern for global markets remains the closure of the Strait of Hormuz, a crucial maritime corridor through which nearly 20 percent of the world’s crude oil normally passes. Iran blocked the waterway following joint US–Israeli strikes, prompting attacks on several vessels and forcing some shipping companies to suspend operations in parts of the Gulf.

French President Emmanuel Macron said Western allies were exploring a “purely defensive” naval mission to help reopen the strait and escort oil tankers once the most intense phase of the conflict subsides.

Meanwhile, tensions continue to spread across the region. Authorities in Bahrain confirmed that an Iranian missile strike on a residential area in Manama killed one person and injured several others. In Israel, several explosions were heard in Tel Aviv after the military warned of incoming Iranian missiles, with emergency services confirming that at least one person was killed by shrapnel.

Fighting has also intensified in Lebanon between Israeli forces and the militant group Hezbollah, with reports indicating hundreds of casualties since clashes escalated earlier this month.

Despite the growing violence across the region, Trump maintained that the United States remains confident the conflict will soon be brought to an end.