Trump posted this on Truth Social:
With a little time, we could easily open the Strait of Hormuz, seize the oil, and make a fortune. It will be a “flow” to the world??? President Donald J. Trump
Trump initially set a timetable for this war of 4 to 6 weeks, then repeatedly said they were ahead of schedule. Today marks the end of the fifth week and now Trump is talking about “more time.” Officials have floated another 2-3 weeks but this seems to be pushing the letter toward something longer.
The idea of “taking oil” is the kind of thing that sparks a war forever, where you have to secure all those facilities and fields.
Yesterday, the US also escalated the conflict by bombing the largest bridge in Iran, along with Trump warning that more was coming. Monday at 8pm ET is the “deadline” to open Hormuz or bomb Iran’s energy infrastructure. There is also a buildup of US ground troops and special forces numbering 10 to 20 thousand in the area. That’s not nearly enough for a proper ground invasion or “oil seizure.”
In terms of combat, the notable development of the day was the downing of an F-15 in Iran.
An ejection seat from the plane was found by residents of southern Iran, and the whereabouts of the pilot and weapons officer are currently unknown, with unconfirmed reports that one or both crew members have been captured by members of Iran’s Islamic Revolutionary Guard Corps (IRGC).
The presence of two prisoners of war may complicate negotiations, but I do not rule out that the United States will be able to extract the pilots as well.
On the fiscal side in the United States, Trump came out with a budget proposal that would increase military spending by 40%.
S&P 500 futures fell 20 points, or 0.3%, in today’s holiday-weak session.
