Global financial markets experienced significant upheaval following Donald Trump’s call for Iran’s “unconditional surrender.”

The price of US crude oil skyrocketed past the $90 per barrel mark, surging by 11.5 percent and marking a 35 percent increase over the week. Consequently, the national average cost of a gallon of gasoline has jumped nearly 27 cents since last week, reaching $3.25.

On Wall Street, the atmosphere was chaotic as the Dow Jones Industrial Average plummeted nearly 2 percent. Meanwhile, both the S&P 500 and Nasdaq saw declines of 1.6 percent each.

In a Truth Social post on Friday morning, the President declared, “There will be no deal with Iran except UNCONDITIONAL SURRENDER!”

He further stated, “After that, and the selection of a GREAT & ACCEPTABLE Leader(s), we, along with our wonderful and brave allies and partners, will work tirelessly to bring Iran back from the brink of destruction, making it economically bigger, better, and stronger than ever before.”

Qatar’s Energy Minister Saad al-Kaabi expressed concern, warning that the rapidly rising oil prices could “bring down the economies of the world.” He predicted prices might reach $150 per barrel as Iran restricts the Strait of Hormuz, a vital channel for a fifth of the world’s oil supply. The last instance of oil prices exceeding $100 was in the aftermath of Russia’s invasion of Ukraine in 2022.

Trump said Thursday that he must have a role in selecting Iran’s new leadership after the US and Israel killed the nation’s supreme leader, Ayatollah Ali Khamenei and many top Iranian officials over the weekend. 

President Trump has demanded ‘unconditional surrender’ from Iran to end the war

US forces dropped heavy penetrator bombs on Tehran on Friday 

The late ayatollah’s son, Motjaba Khamenei, who is believed to be alive and in hiding, is an ‘unacceptable’ option, Trump said Thursday. 

Mojtaba has been reported as the top choice among the remaining Iranian leadership to lead the country going forward. 

Trump has said he has some ideas of who would do a good job as leader, but he has not specifically named anyone he sees as a viable successor to the late ayatollah.

Speaking at a White House event on Thursday, the President said that the war in Iran is ‘far ahead of schedule.’

The White House has repeatedly said the goal of the Iran war, dubbed Operation Epic Fury, is to destroy the Iranian Navy, obliterate their nuclear capabilities, destroy Iranian terrorist proxies in the region and take out the Iranian ballistic missile and drone capabilities.

Already, the US has destroyed at least 24 Iranian Navy vessels and countless ballistic missile and drone launch sites. 

The US has struck over 2,000 sites in Iran, according to the Pentagon. 

In retaliation, Iran has fired off missile and drone salvos at US military bases in the region and at civilian targets in neighboring Middle Eastern nations.   

Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Israel, Jordan and Oman have been hit with Iranian fire.

Trump told CNN on Friday that ‘no’ he does not care whether Iran turns into a democratic state after the conflict. Instead, he is fixated on finding leaders who will be friendly to the US and Israel, regardless of what form of government is installed. 

‘No, I’m saying there has to be a leader that’s going be fair and just. Do a great job. Treat the United States and Israel well, and treat the other countries in the Middle East — they’re all our partners,’ Trump said.