US President Donald Trump has said that the war against Iran could soon come to an end, claiming the conflict is now "virtually over". He said Iran's military capabilities have been severely weakened, citing the destruction of the country's navy, communications and air force. The remarks were reported after an exchange with a CBS News journalist at the White House.

US financial markets immediately reacted to the comments. The Dow Jones and S&P 500, which had been lower earlier in the session, rebounded after the president's remarks were aired, reflecting eased fears of a prolonged escalation of the conflict in the Middle East.

Donald Trump also said that he spoke with Russian President Vladimir Putin about the situation. According to the Kremlin, several proposals to quickly end the hostilities were discussed during the call. The US president added that the war was moving faster than expected, after initially estimating the military campaign would last four to five weeks.