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Iran Signals No Letup in War as Khamenei’s Son Made Leader
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March 9, 2026
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8:08Now PlayingIran chose Mojtaba Khamenei, the hardline son of the assassinated Ayatollah Ali Khamenei, as its new supreme leader, signaling Tehran won’t back down in a war raging across the Middle East and causing a surge in energy prices. Ashley Davis, Partner at S-3 Group, Republican Strategist and former Special Assistant to the Director of Homeland Security joins to discuss what this means for the region. President Donald Trump signaled the US war on Iran could be ending soon, saying the operation was ahead of schedule as he confronted mounting pressures on the 10th day of the Iran war with oil prices fluctuating dramatically.
“I think the war is very complete, pretty much” and the military operation is “very far” ahead of its initial four- to five-week timeframe, Trump told CBS News Monday in a phone interview. “They have no navy, no communications, they’ve got no air force,” he said of Iran.
Trump is set to hold a press conference Monday evening from Florida before returning to Washington.
US stocks recovered from earlier losses, sending the S&P 500 up as much as 1%, after a CBS reporter posted the comments on X. Oil and US Treasury yields fell.
US oil futures fell below $90 a barrel post settlement after surging above $119 early in the session in a volatile trading day. Markets eased as the world’s largest economies considered a coordinated effort on emergency energy supplies and Trump’s comments signaled he could seek a conclusion to the conflict.
Still, the Strait of Hormuz remained all but closed, with no finalized plans on how nations will safeguard ships passing through the key waterway. Trump told CBS the Strait of Hormuz was seeing more ship traffic and that he is “thinking about taking it over.” It was not immediately clear what specific actions the president was contemplating.
Trump also spoke with Russian President Vladimir Putin about Iran and the war in Ukraine, Tass reported Monday, citing Yuri Ushakov, an aide to the Russian leader.
The US leader, already facing domestic concerns over persistent inflation ahead of November midterm elections, must now grapple with rising gasoline pump prices as the war shows no letup. On Sunday, he called $100 oil a “small price to pay” and said the cost “will drop rapidly when the destruction of the Iran nuclear threat is over.” The effective closure of the Strait of Hormuz has forced Saudi Arabia, the world’s biggest oil exporter, to reduce production, according to a person familiar with the matter. That follows similar moves by the United Arab Emirates, Kuwait and Iraq.
Futures pulled back after Group of Seven finance ministers said they were ready to take any steps needed to support global energy supply, including releasing strategic oil reserves.
Still, the G-7 is “not there yet” in terms of agreeing to tap emergency energy supplies, according to France, which holds the current presidency. But the group said in a statement that it would “continue to closely monitor the situation and developments in the energy markets” and “stand ready to take necessary measures, including to support global supply of energy such as stockpile release.” The US reported its seventh casualty on Sunday. Two Israeli soldiers and about a dozen Israeli civilians also have lost their lives. Data from the UAE suggests Iran’s barrage of missiles and drones is easing, even as Tehran is still attacking Israel and Arab Gulf states regularly with drones and missiles.
Israeli forces maintained attacks on southern Lebanon, aiming to degrade Iran-aligned Hezbollah. The North Atlantic Treaty Organization intercepted a ballistic missile fired from Iran toward Turkey on Monday, the second such incident, raising the risk the military alliance could be drawn more directly into the conflict.
More than 1,300 Iranians have died in the war so far, according to an official toll that’s not been updated for several days. Some 486 people have died in Lebanon, according to the nation’s health ministry. Four civilians died in the UAE, while two members of its armed forces were killed when a malfunctioning helicopter crashed.
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