Donald Trump is now ready to wrap up the US military campaign against Iran — even if one of the world’s most important oil routes, the Strait of Hormuz, remains largely closed, WSJ reports. According to the officials speaking to WSJ, this could leave Iran in control of the narrow passage for now, while a bigger effort to reopen it may be pushed to a later stage.
Immediately after the Wall Street Journal report, oil slipped. West Texas Intermediate (WTI) fell below $102 a barrel, after earlier surging nearly 4% following the Iranian attack on a tanker near Dubai. WTI had closed above $100 a barrel yesterday for the first time since the war began, and the US benchmark has soared more than 50% in March alone. Brent
Asian markets show mixed gains
Asian stock markets opened mostly higher on March 31, 2026 . A rebound in Asian shares faded during the session, with the MSCI Asia Pacific Index dropping about 1% and now on track for its worst month since October 2008. This came even as S&P 500 futures climbed 0.8% after the Wall Street Journal reported Trump told aides he’s willing to end the US military campaign against Iran even if the Strait of Hormuz remains largely closed.
Key Market Moves at 9am IST
- Japan’s Nikkei 225 jumped 10.3%.
- South Korea’s Kospi rose 1.4%.
- Australia’s S&P/ASX 200 gained 0.9%.
- Hong Kong’s Hang Seng Index edged up 0.1%.
- China’s CSI 300 added 0.3%
Why Trump is stepping back
According to the WSJ report, Trump and his team have been reviewing what it would take to reopen the strait. They felt it would stretch the war beyond the timeline he had in mind — around four to six weeks. The plan now is to weaken Iran’s navy, reduce its missile strength, and then slowly wind down the fighting. After that, the US wants to push Iran through diplomacy to allow trade to move freely again.
If talks don’t work, officials say Washington may ask its allies in Europe and the Gulf to step in and take the lead in reopening the route. Military action is still an option, but not the immediate priority.
Trump’s stance on the strait has changed often. At times, he has threatened to bomb Iran’s energy infrastructure if the route is not reopened. At other moments, he has downplayed its importance for the US, saying the issue matters more to other countries.
US says strait issue can wait
White House press secretary Karoline Leavitt said the US is “working towards” normal operations in the strait, but did not list reopening it as a main military goal. Meanwhile, Secretary of State Marco Rubio said the current military campaign should wrap up in weeks. “Then we’ll be confronted with this issue of the Straits of Hormuz, and it will be up to Iran to decide,” he said. He added that if needed, a global coalition, including the US, would step in to make sure the route is opened “one way or the other.”
US officials now say the strait matters more to countries in Europe, Asia and the Middle East than it does to America itself. So Washington has been asking its allies to prepare, either for talks or for operations to secure the route. Treasury Secretary Scott Bessent suggested that tankers could be escorted by US or multinational forces. “The market is well-supplied,” he said, adding that more ships are slowly moving as countries strike temporary deals with Iran. “But over time, the US is going to retake control of the straits, and there will be freedom of navigation,” he added.
Why the strait matters so much
The longer the Strait of Hormuz stays shut, the bigger the impact on the world. Countries are already feeling the pressure as energy supplies drop. Industries that depend on materials like fertilisers and helium are also facing shortages. Experts say if ships cannot move freely soon, Iran will keep holding global trade hostage unless a deal is reached, or force is used.
However, despite Trump talking about ending the war, the US is quietly building up its presence in the region. The USS Tripoli and the 31st Marine Expeditionary Unit have entered the area. Trump has also ordered parts of the 82nd Airborne to move in and is considering sending another 10,000 troops. At the same time, he has described the war “an excursion” and “a lovely stay.” But behind the scenes, he is also weighing a risky plan to seize Iran’s uranium, a move that could esclate the conflict.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a registered financial advisor in the respective jurisdiction.