Trump Demands Iran “Surrender” as Oil Prices and Global Markets Feel the Heat

TLDR

• President Trump declared the U.S. will only accept “unconditional surrender” from Iran, ruling out any negotiated deal
• Brent crude hit $90 a barrel for the first time in nearly two years as the Strait of Hormuz came to a near-total halt
• Shipping giant Maersk suspended two Far East-to-Europe services due to security risks in the region
• Over 23,000 flights to Middle East hubs have been canceled since fighting began on Feb. 28
• Qatar warned Gulf energy exporters could shut down production within weeks if the war continues

President Trump has said the United States will accept nothing less than “unconditional surrender” from Iran, ruling out any peace talks as the U.S.-Israeli military campaign entered its seventh day on Friday.

The war began on Feb. 28, when U.S. and Israeli airstrikes killed Supreme Leader Ali Khamenei. Iran’s Assembly of Experts is now expected to choose a successor, with Khamenei’s son Mojtaba seen as the frontrunner. Trump called Mojtaba a “lightweight” and said the appointment would be “unacceptable.”

At least 1,332 people have been killed in Iran since the fighting began. Six U.S. troops have also died, all in the first two days of the conflict. Around a dozen countries are now involved in some way.

Iran fired drones and missiles at multiple Gulf states overnight into Friday. Bahrain, Saudi Arabia, Kuwait, and Dubai were all targeted. A unit at Bahrain’s Sitra refinery caught fire after being struck. Qatar said it stopped an attack on Al Udeid Air Base, a U.S. military facility.

Oil Prices Surge as Strait of Hormuz Stalls

Brent crude futures climbed to $90 a barrel for the first time in nearly two years. Shipping through the Strait of Hormuz is at a near-total halt, forcing energy exporters to find new routes.

Kuwait has begun cutting output at some fields after running out of storage space. Qatar’s energy minister warned that Gulf producers could shut down entirely within weeks if the war drags on. Saudi Arabia is diverting crude to a Red Sea port to keep exports moving.

Danish shipping company Maersk suspended two container services between the Far East and Europe due to security risks.

Airlines and Bond Markets Also Hit

More than 23,000 flights to Middle Eastern hubs have been canceled since fighting started. Emirates said Friday it hopes to return to full network operations in the coming days.

Global bond markets continued to sell off as rising energy costs raised fears that central banks would slow interest rate cuts. The U.S. dollar was on track for its strongest weekly gain since late 2024.

Trump told NBC on Thursday that the U.S. wanted to “clean out” Iran’s leadership structure, suggesting regime change is the goal. He told Politico the U.S. has an “unlimited supply of weapons.”

Israel said strikes have neutralized more than 60% of Iran’s ballistic missile launchers. Israel also expanded its ground presence in Lebanon, targeting Hezbollah positions.

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