Trump: Iran's navy and air force have been completely destroyed, "losing their drone capabilities." The impact of the conflict on the stock market and oil prices is not as severe as expected.

President Trump held a cabinet meeting on March 26, 2026, and delivered the latest remarks on the U.S.-Iran conflict. Trump stated that U.S. forces have nearly completely destroyed Iran’s naval, air forces, and missile facilities, with military progress far exceeding expectations. He revealed that Iran is currently “begging to reach an agreement,” and if negotiations go smoothly, there is hope to reopen the Strait of Hormuz. He also emphasized that the current conflict has not impacted the stock market and oil prices as severely as anticipated.
(Background: Bloomberg reports that Iran has started charging “toll fees” to ships passing through the Strait of Hormuz, payable in cryptocurrency, with a maximum of $2 million per trip)
(Additional background: Iran has rejected 15 U.S. ceasefire proposals and has laid out “5 major conditions” for a ceasefire: demanding war reparations and sovereignty over the Strait of Hormuz)

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• Destroyed Iran’s naval and air forces, military progress “far exceeds expectations”
• Trump claims Iran is “begging for talks,” hopes to reopen the Strait of Hormuz
• Calming global markets and oil prices

U.S. President Donald Trump held a cabinet meeting on March 26, 2026, and personally explained the progress of military actions against Iran, potential diplomatic agreements, and the subsequent impact on the global economy through a live broadcast.

President Trump Participates in a Cabinet Meeting, Mar. 26, 2026 https://t.co/Qlu4FL74JB

— The White House (@WhiteHouse) March 26, 2026

Destroyed Iran’s naval and air forces, military progress “far exceeds expectations”

Regarding the current situation, Trump gave very high praise during the meeting. He stated that U.S. forces have significantly weakened Iran’s military capabilities, including “completely destroying Iran’s navy and air force, most missiles and launchers, and 90% of related facilities.” Trump emphasized that Iran has now lost its mine-laying ability, and the overall military operation has progressed “far beyond the previously announced 4 to 6-week timetable.”

However, he also issued a stern warning that if Iran refuses to reach an agreement, it will continue to face intense U.S. military attacks.

Trump claims Iran is “begging for talks,” hopes to reopen the Strait of Hormuz

Despite the tough military stance, the diplomatic door appears to be open. Trump repeatedly mentioned during the meeting that Iran is “begging to make a deal,” rather than the U.S. actively seeking peace. He predicted that military actions against Iran “will end very soon,” and reiterated that the U.S. aims to reach a “proper agreement” to reopen the critical energy corridor—the Strait of Hormuz.

Trump emphasized that the U.S. is ready to negotiate, but he is uncertain whether a deal can truly be reached or if Iran will show a “serious” attitude.

Calming global markets and oil prices

Notably, Trump described this Iran conflict as a “test” for NATO, warning that the U.S. will “remember” NATO’s performance during this crisis.

Regarding economic and market reactions, Trump tried to reassure investors. He admitted that he initially expected the stock market to experience more severe turbulence due to the conflict, but so far, the declines in stocks and oil prices “have not been that serious.” He stressed that successfully reopening the Strait of Hormuz could effectively ease global energy pressures. Finally, he reaffirmed that U.S. military actions have successfully prevented Iran from potentially using nuclear weapons against Israel, regional countries, and the United States.