On a chaotic Monday for global markets, oil prices surged to nearly $120 per barrel, marking an unprecedented level not seen since April 2020 during the COVID-19 pandemic. However, this spike was quickly reversed after U.S. President Donald Trump stated that the war against Iran is practically over, contradicting Israel's more pessimistic announcements over the weekend. His comments led to a plummet in oil prices, which subsequently fell to around $84.5 for Brent crude and similar prices for WTI in the United States.

During an interview with CBS News, Trump expressed confidence in the situation, saying that Iran lacks a navy, communications, or air force, and that their missile capabilities are dispersed. He emphasized that the U.S. is ahead of schedule concerning military operations and implied a successful outcome. However, he moderated his tone in later remarks, highlighting that while various levels of victories have been achieved, the overall strategic goal remains to be confirmed.

The implications of Trump's statements can be significant for both the geopolitical landscape and the global economy. The quick drop in oil prices suggests that market reactions are closely tied to perceptions of the stability of the Middle East and the U.S.'s military engagements. If the war does indeed come to a close as Trump predicts, it could stabilize oil markets further, but continued conflict could lead to volatility, affecting economies reliant on oil imports, like Argentina, where this news is being reported.