The war also continued to affect Gulf neighbors, including the United Arab Emirates, which said on X that Iran had fired eight drones and three missiles at the country.

Group of Seven foreign ministers issued a joint statement Saturday calling for an “immediate and unconditional cessation of all attacks by the Iranian regime,” saying the countries are ready to take “necessary measures” to support the global supply of energy.

It’s unclear how Iran would respond to any unilateral decision by the US to pause strikes after recent attacks that targeted the country’s energy infrastructure and killed more high-profile officials, including security chief Ali Larijani.

Despite weeks of US-Israeli bombardment, the regime isn’t close to falling, and is instead coalescing around the remaining hardliners, according to western intelligence assessments and people familiar with the matter.

Iranian officials have become reluctant to even discuss reopening the Strait of Hormuz amid the intense US-Israeli bombing campaign, which continued overnight. The Israeli army said Saturday morning it was striking targets in Tehran and had detected missiles launched from Iran, which continued to launch retaliatory strikes at Gulf Arab neighbors as well.

Trump has been pressuring allies to help the US secure the strait militarily but indicated Friday that he will leave that effort to other nations.

“The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it — The United States does not!” Trump said. “If asked, we will help these Countries in their Hormuz efforts, but it shouldn’t be necessary once Iran’s threat is eradicated. Importantly, it will be an easy Military Operation for them.”

In an effort to bring down oil prices, the US Treasury on Friday issued a general license for Iranian energy that’s already on vessels, authorized through April 19. That follows similar moves for Russian oil on the water. For now, the vast majority of Iran’s oil is bought by Chinese customers.

Iranian oil ministry spokesman Saman Ghodousi said on X that the nation has no floating crude, nor a surplus that’s available for international markets.

Trump’s comments capped a tumultuous Friday in financial markets.

Oil prices surged again Friday with global benchmark Brent closing above $112 a barrel, the highest since mid-2022. Prices eased to trade near $108 a barrel in thin post-settlement trading on Trump’s comments about possibly winding down the conflict.

Adding to the market turmoil was the administration’s consideration of a ground operation. Trump was evasive when asked by reporters about his plans for Kharg Island, Iran’s major oil export hub. US officials have said the White House is ordering hundreds of Marines to be deployed to the Middle East as it weighs a plan to seize the outpost.

Any move to use ground troops to seize control of Iran’s energy facilities would pose risks for Trump, including by putting American forces at greater danger than they’ve already been exposed to in the conflict and adding to the cost and scope of the campaign.

Iran said that an attack on Kharg Island would provoke an “unprecedented” response that could include retaliation in the Red Sea and Bab al-Mandab Strait, the Tasnim news agency reported, citing an anonymous military source.

The Pentagon has asked for an additional $200 billion from Congress to pay for the war, sending another mixed signal on how long the administration expects the conflict to last.

–With assistance from Dan Williams, Jeff Mason, Courtney Subramanian and Susanne Barton.

(Updates with Iranian strike on Israel, G-7 statement starting in seventh paragraph)

Most Read from Bloomberg Businessweek

©2026 Bloomberg L.P.