U.S. President Donald Trump stated that he does not believe Iran has laid naval mines in the Strait of Hormuz and again hinted that the conflict would conclude soon. Earlier, the International Energy Agency announced an emergency release of petroleum reserves, which did little to calm the highly volatile market.

When questioned by reporters on Wednesday about whether Iran had mined the Strait of Hormuz, Trump responded, "We don’t think so." Reuters, citing informed sources, reported that Iran had placed approximately a dozen mines in the strategic waterway.

However, Trump did not provide a clear timeline for when he expects the conflict to end, stating, "We’re not finished," and indicating that the U.S. would continue to take "more of the same" actions.

On Wednesday, the IEA approved the largest-ever emergency release of oil reserves to curb soaring oil prices while the Strait of Hormuz remains effectively closed. French President Emmanuel Macron later stated that the release would be organized and implemented in the coming days.

At least seven U.S. military personnel have died in the conflict, with most casualties occurring during the initial two days of fighting.

During his election campaign, Trump pledged not to involve the United States in prolonged overseas wars. As American casualties rise and gasoline prices remain elevated, Republican prospects in the November midterm elections may face pressure.

According to data from the American Automobile Association, the national average price for a gallon of gasoline reached $3.58 on Wednesday, the highest level since May 2024.