US President Donald Trump told CBS News in a phone interview that the U.S. war with Iran is “pretty much” complete and said he is considering “taking over” the Strait of Hormuz, while warning Tehran against disrupting the critical waterway. Commercial shipping through Hormuz—through which about 20% of global oil supply flows—has effectively ground to a halt, keeping markets focused on energy security risks. Following the interview, U.S. benchmark crude briefly plunged as much as 13.7% (about $13 a barrel) before paring losses; major U.S. stock indices closed higher after trading mostly lower earlier in the session.

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