A day after oil prices reached a four-year high, last seen when Russia invaded Ukraine, they have fallen to below $100 per barrel – but are still higher than the roughly $60-70 range prior to the war with Iran.

This came after Trump sent conflicting messages about the war’s timeline on Monday. He suggested the operation may be “pretty well complete,” saying he thinks the way could end soon. But earlier in the day, he told Republican lawmakers that “we haven’t won enough.”

Unfazed by the oil price spike, Trump said the war would end up lowering oil prices over the long term, while vowing to keep the Strait of Hormuz – a critical oil-shipping route – “safe.” He shrugged off the consequences for American consumers of the jump in oil prices, insisting that the supply crunch would affect other countries more than the US.

About 20% of the global oil consumption passes through the strait, but traffic through the waterway has collapsed due to security risks to ships. And fears over rising fuel prices are being felt far beyond the region.

And threats to the oil trade are escalating, threatening the global economy.

Trump warned the US would to hit Iran “twenty times harder” if it tries to stop oil from flowing through the strait. And he previously said that he was thinking of taking over the strait, and suggested the navy would escort tankers “if necessary.”

In response, Iran’s Islamic Revolutionary Guard Corps said armed forces are “awaiting the US naval fleet in the Strait of Hormuz” and warned that if US-Israeli strikes continue, Tehran “will not allow the export of a single liter of oil from the region.”

An Iranian source with knowledge of the leadership’s strategy told CNN on Monday that Iran is finalizing plans to impose “security duties” in the Persian Gulf on oil tankers and commercial ships that belong to countries allied with the US.