Trump says Iran war could be nearing its end as Houthi escalation jolts oil flows

What Trump Said

On Wednesday evening in North Carolina, President Donald Trump told reporters he hopes the war is in its late stages, nearly seven months on. He said he has been in direct communication with Tehran, without sharing specifics. The conflict, which began on Feb. 28, has widened into Yemen and continues to shake energy flows and oil markets. According to Axios, Trump intends to meet Gulf leaders in New York on Tuesday during the United Nations General Assembly, with talks centered on what comes next.

Fighting Spreads, Energy Feels It

Clashes have intensified between Saudi Arabia and Iran-aligned Houthi forces in Yemen. Houthi fighters have increased strikes on Saudi territory and launched a rapid ground offensive to establish control over the Bab el-Mandeb Strait, the key passage linking the Red Sea to the Gulf of Aden and on to global markets. Saudi Arabia shut its East-West pipeline after a drone attack damaged facilities.

A Vantor satellite image shows closer views of burned structures and scorched ground at a pumping station following the September 11, 2026 strike and resulting fires. Oil prices eased Thursday after reports that Riyadh arranged extra shipments through Oman's Sohar port using ship-to-ship transfers, which eased fears of a long outage. Brent crude for November declined 1.5% to $104.28 per barrel, while U.S. West Texas Intermediate for October slipped 1.1% to $101.30.

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Diplomatic Moves Take Shape

Axios said Washington's effort to revive ceasefire negotiations seems to be on hold as Gulf states absorb a burst of attacks from Iran and Houthi militants. Trump is anticipated to sit down with leaders from all six Gulf Cooperation Council countries - Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman - with the invitation list potentially expanding to additional Arab and Muslim leaders. The State Department sent initial invitations on Wednesday, according to the report.

The report added that Israeli Prime Minister Benjamin Netanyahu is seeking a meeting with Trump in New York, but none has been put on the calendar yet. Separately, U.N. Secretary-General António Guterres renewed his call to dial down tensions, advocating diplomatic efforts and the full resumption of safe passage through the Strait of Hormuz. What Washington would seek from Gulf partners or from Iran after the war remains unclear.

Risks, Timelines, and Your Money

Michael Feller of Geopolitical Strategy said Iran might be open to a deal after the midterms, warning that "if not, the war may continue until late 2028, if not beyond." He added that fixing the East-West pipeline would provide relief, but export terminal stockpiles will be depleted unless the line is brought back within days. For households, that mix of risk and repair timelines is what shows up at the pump and in airfare, shipping, and grocery costs. Keep an eye on whether the Bab el-Mandeb stays contested and whether Saudi pipeline repairs stick, because that is what will determine whether this price dip is a breather or a blip.

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