On Friday, President Donald Trump signaled the U.S. is nearing its military goals in the conflict with Iran while once again ruling out any immediate ceasefire despite rising global economic fallout due to the war.

Trump Rejects Ceasefire, Signals Continued Offensive

"We could have dialogue, but I don't want to do a ceasefire," he told reporters, adding, "You don't do a ceasefire when you're literally obliterating the other side," CNBC reported.

He also said that Iran's military capabilities have been significantly weakened, saying, "From a military standpoint, they're finished."

Strait Of Hormuz Disruption Fuels Oil Shock

The conflict has disrupted traffic through the Strait of Hormuz, a critical artery for global oil shipments, sending crude prices higher and rattling markets.

“We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East with respect ...