U.S. President Donald Trump takes questions from the media during a bilateral meeting with German Chancellor Friedrich Merz in the Oval Office of the White House on March 03, 2026 in Washington, DC.
Win Mcnamee | Getty Images
President Donald Trump said in a social media post on Friday that there would be no deal to end the U.S. war against Iran without an “UNCONDITIONAL SURRENDER” by Iran.
The Dow Jones Industrial Average dropped more than 900 points, or nearly 2%, after Trump’s demand, which he wrote on Truth Social. The S&P 500 and Nasdaq Composite fell 1.6% each, and oil futures prices rose.
Trump said that after a surrender and “the selection of a GREAT & ACCEPTABLE Leader(s), we, and many of our wonderful and very 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.”
“IRAN WILL HAVE A GREAT FUTURE. “MAKE IRAN GREAT AGAIN (MIGA!)” Trump wrote.
Trump’s demand came as Iran has yet to pick a leader to replace Supreme Leader Ayatollah Ali Khamenei, who was killed last weekend in an airstrike at the beginning of the war by the U.S. and Israel.
White House Press Secretary Karoline Leavitt, when asked by reporters later about potential future leaders of Iran, said, “I know there are a number of people that our intelligence agencies, that the United States government are looking at, but I won’t get any further.”
Trump in June made an identical demand of “UNCONDITIONAL SURRENDER” by Iran in another social media post as he considered launching a military strike against that nation.
The futures price of the global benchmark Brent crude oil rose, breaking $90 per barrel, after Trump posted his latest demand for Iran to surrender without conditions.
Qatar’s energy minister, Saad al-Kaabi, warned Friday that rising oil prices due to the war against Iran “could bring down the economies of the world.”
Al-Kaabi told The Financial Times that crude oil prices could hit as high as $150 per barrel within weeks if tankers cannot pass through the Strait of Hormuz. The last time oil topped $100 a barrel was when Russia invaded Ukraine in 2022.
