Trump says war to end quickly as Iran claims control of Strait of Hormuz

Live Live Updates: Trump says Iran war will "be over quickly" as Tehran seeks to lay claim to Strait of Hormuz By Tucker Reals Tucker Reals Editor Tucker Reals is CBSNews.com's foreign editor, based in the CBS News London bureau. He has worked for CBS News since 2006, prior to which he worked for The Associated Press in Washington, D.C., and London. Read Full Bio Tucker Reals May 7, 2026 / 6:45 AM EDT / CBS News Add CBS News on Google What to know about the Iran war today:As Iran says it's reviewing the latest U.S. proposal to end the war, it is also attempting to formalize its control over the vital shipping lanes of the Strait of Hormuz, which were free and open prior to the U.S.-Israeli attacks on Iran. Shipping intelligence firm Lloyd's List says the strait is now closed, as Iran says an agency it just created is in charge of clearing vessels for transit.President Trump is again voicing optimism for a peace deal, saying the war will be "over quickly" and insisting it's going "unbelievably well." But he also warned Wednesday that if Iran rejects the U.S. offer, he could order "higher level" military strikes. Mr. Trump's latest comments appear to have eased oil prices and boosted stocks this week. Brent crude and U.S. benchmark West Texas Intermediate were both trading below $100 a barrel early Thursday. New Updates   0m ago Oil prices sink, Asian stocks surge on hope for deal to end Iran war Oil sank again Thursday and Tokyo's Nikkei index led another strong rally across Asia stocks, fuelled by growing optimism the Iran war is close to ending and the revival of demand for all things AI.Risk sentiment was surging on hopes Washington and Tehran will conclude the conflict and reopen the Strait of Hormuz, which has been effectively closed since the start of March, choking off a fifth of the world's crude.Optimism got a huge boost Wednesday when President Trump said an agreement was near, a day after he paused efforts to help stranded ships through Hormuz, w...