President Trump Says Iran Operation Will Last Several Weeks or Longer

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President Trump says the U.S. operation in Iran could last four to five weeks,

or even longer, plus the threat to the straight of Hormuz

sends oil prices higher.

Iran might not be able to physically close off the entire street,

but all they really have to do is make it too risky for vessels to pass.

And a contentious primary election in Texas tomorrow could offer clues for the midterms.

It's Monday, March 2nd.

I'm Alex Osula for the Wall Street Journal.

This is the PM edition of What's News,

the top headlines and business stories that move the world today.

The U.S. is sending more forces to the Middle East to support its operation in Iran.

In remarks at the White House today, President Trump outlined four goals for the Iran operation.

He says it's aimed at destroying Iran's missile capabilities as well as its navy.

He also says it's to prevent the country from obtaining a nuclear weapon

and will stop Iran from arming, funding, and directing terrorist groups outside its borders.

Trump said strikes against Iran could last several weeks.

Whatever the time is, it's okay, whatever it takes, we will always

and we have right from the beginning, we projected four to five weeks.

But we have capability to go far longer than that.

The toll for the U.S. is rising.

Six U.S. troops have been killed with several others seriously wounded.

Trump has warned that more American casualties are likely.

Three U.S. jet fighters were mistakenly shot down over Kuwait,

but the six crew members safely ejected.

In Israel, at least nine people were killed after an Iranian strike and several people

in the United Arab Emirates.

In Iran, the Iranian Red Crescent says U.S. and Israeli strikes have killed more than 500 Iranians.

Many of the country's top leaders have died.

Iran's ambassador to the United Nations said today that the U.S. and Israel

have bombed hospitals, Red Crescent facilities, residential buildings, and schools.

And there were more than two dozen deaths in Lebanon from Israeli strikes after the Hezbollah

militia attacked Israel.

Across the Gulf, some commercial flights resumed today.

They're in high demand as Western expats try to leave the region.

Back in the U.S., Americans are figuring out what they think about the operation.

Aaron Zitner is a reporter out of Washington and says Trump's base is split on the conflict.

The loyalty of Donald Trump's supporters to him personally is, at this point, we could even say

legendary. He just has a firm grip on his base. But also, we're starting to see some very prominent

voices saying they're opposed most famously now. Tucker Carlson has said this is disgusting

and evil. And what do the MAGA supporters do? Do they hold on to the part of the Donald Trump

message that is no more foreign intervention? Or do they say, you know, he said for a long time

that Iran can't have nukes? And what I'm finding is that there's a large number of

MAGA people who are kind of in a negative posture toward this, but not in opposition.

They're skeptical, but they're not breaking away. I'll say the thing I heard today is about the

use of ground troops. Both President Trump and Pete Hegseth and various venues today

would not rule out use of ground troops. And that's a kind of a red line for some people.

European and Asian stocks largely sold off and investors sought safety in the dollar and gold.

But US indexes came back from steep early losses to end nearly flat. The Dow ended down 0.1

percent while the S&P was up less than 0.1 percent and the Nasdaq less than half a percent.

Shares of oil, shipping, and defense companies rallied.

Oil prices also jumped after Iran paralyzed tanker traffic through the

strait of Hormuz and attacked energy infrastructure in the Gulf. Brent Crude, the global benchmark,

rose almost 7 percent. And European gas prices surged after Qatar, one of the biggest

exporters of liquefied natural gas stopped production. At the pump, truckers might be in for

some pain. Diesel futures rose 12 percent in New York to above $2.90 a gallon. The biggest

one-day gain since early 2022. The oil market has gotten used to quickly recovering from geopolitical

threats. But could this time be different? WSJ heard on the street columnist Jinger Lee joins us

now. Jinger, I'm thinking about the most recent 12-day war between Israel and Iran last year

oil prices spiked, but the conflict didn't have a long-term impact on oil prices.

Yeah, so if there is a lasting disruption to the flow of oil tankers through the strait of

Hormuz, where about a fifth of global oil production passes, that would be very serious.

The worst-case scenario might be one where Iran does serious damage to some of the neighboring

Gulf countries' export terminals, because those are hard to repair. And they are within striking

distance of Iran's weapon systems. The straight of Hormuz, which you mentioned, that's this key

pathway for oil. How would it work exactly to shut it down and does Iran have the power to do that?

Iran might not be able to physically close off the entire strait, but all they really have to do

is make it too risky for vessels to pass, and they definitely have the ability to do that.

Are there other sources of oil that could potentially cushion some of the blow to the global

market? The U.S. is the biggest oil producer in the world, and the U.S. and China both have strategic

stockpiles of oil. To what extent could these help stabilize oil markets?

The U.S. is the world's biggest oil producer, but shale is not considered spare capacity because

it typically takes a few quarters to raise U.S. production significantly, which leaves us with

stockpiles. There is more than 400 million barrels of oil in the U.S. strategic petroleum reserve.

That represents about 20 days of domestic consumption, but there's pipeline constraints.

The strategic petroleum reserve might be able to provide 1.4 million to 2.1 million barrels a day.

You can only take out so much oil in a given day. There is some thought that if China slows down some

of its oil purchases, that could provide a bit of a cushion, but there's also the risk that

an escalating conflict in the Middle East could cause China to hoard even more oil, which would

not help bring prices down. It will all be about how the conflict lasts and how much damage

the U.S., Israel, and Iran are willing to do on oil. Trump wants to avoid high gas prices

before the midterms, and Iran obviously does not want to lose its oil revenue, so we'll have to see.

That was WSJ heard on the street columnist, Jinjuli. Thanks, Jinjuli. Thank you.

Coming up, we've got news from elsewhere in the world, including a heated primary in Texas,

and the start of a high-profile antitrust trial in New York City. That's after the break.

Hi, this is Alex Osula, host of the WSJ's Wets News Podcast. We bring you the biggest news of the day,

from business and finance to global and political developments that move markets.

If you're looking for more insights and tools to understand the latest headlines,

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Tomorrow is the Senate primary election in Texas. The Republican race has turned personal

and hostile. It's become an expensive challenge to sitting Senator John Cornyn, a fixture of

Texas politics who's running for his fifth term. Party leaders worry that the fight will give

Democrats an opening in the red state. President Trump hasn't endorsed a candidate.

Running against Cornyn, our U.S. Representative Wesley Hunt and the state attorney general,

Ken Paxton. Cornyn has repeatedly criticized Paxton.

Character is on the ballot. I believe voters still care about their elected officials,

and they want people who will tell them the truth. And unfortunately, the attorney general

has a record of doing the opposite.

Meanwhile, Paxton took aim at Cornyn in his speech last month in Tyler, Texas.

Over four decades of service, and what is he accomplished for Texas?

And no one can answer that question even as supporters.

Journal politics reporter Sabrina Rodriguez joins from San Antonio, Texas.

Sabrina, is there a front runner in this race right now?

The Republican Senate primary is most likely going to head to a runoff.

We don't see a candidate necessarily that's polling at 50% or plus.

But in the polls, we do see that state attorney general Ken Paxton, who is really

beloved by the MAGA base, is leading over incumbent Senator John Cornyn.

The Democrats have their own contested primary that's strong a lot of attention.

The main contenders are Representative Jasmine Crockett of Dallas and State Representative James

Tolerico, who's making a faith-based progressive pitch. What does the outcome of the GOP race mean

for the Democratic candidate? Yeah, the Democratic primary. It's interesting because it's

being increasingly viewed as a toss-up. It certainly got in a lot tighter in these final days.

Republicans would prefer to be running against Crockett. They think that they have a better shot

at winning regardless of if it's Cornyn or Paxton. James Tolerico, he's really trying to appeal to

swing voters, really thinks he can get moderates and even peel off some Republicans with his message.

And who would Democrats rather face in the general?

Democrats think that they have a better shot with Paxton being at the top of the ticket.

Paxton has a long history of controversies. He was impeached in the Texas House of Representatives,

though the Senate acquitted him from it. It's been a very messy and hostile

Republican primary, bringing up everything from things that have come up in Paxton's divorce

to, again, that long line of controversies and issues he's had while in office.

For Democrats, a win in Texas would be huge to be clear. Given how much Texas has long proven to

be elusive to them, Democrats have not won a statewide race in Texas since 1994. National Democrats

themselves acknowledge this is quite the long shot, but with a candidate like Paxton and with

the sort of momentum we see Democrats having, there's feeling some level of hope.

What are the national implications of this primary?

On the Republican side, we see the traditional Republican long-time legislator running against

a more mega-focused candidate, someone who's been very focused on stoking culture wars.

And on the Democratic side, while the party's trying to figure out their future,

you have a candidate who's saying, I really want to appeal to the middle. I really want to appeal

to people on both sides versus a candidate saying, I want to fire up the base. I want to be the fighter

that the Democratic base wants. So I think a lot of people are going to be looking to the

results of this race to just get a sense of what direction both parties are headed in.

That was WSJ Politics reporter Sabrina Rodriguez. Thanks Sabrina.

Thank you. In other political news, we're exclusively reporting that the Trump administration

plans to give up a legal fight against several big law firms. Last year, President Trump

issued executive orders punishing the firms, including stripping security clearances and

restricting their access to federal buildings. Several firms then sued and won in court.

The Trump administration appealed, but is now dropping those appeals.

In Manhattan, an antitrust trial kicked off today against Live Nation, which owns ticket master.

The Justice Department says Live Nation illegally dominates the market for major concerts,

and that hurts artists and fans, as well as venues. Live Nation says prices are set by artists,

and that the market is more competitive than the Justice Department claims.

If the government wins, it could ask a judge to split up Live Nation and ticket master,

whether that would lower ticket fees isn't yet clear. And France will increase its stockpile of

nuclear warheads and may deploy them across Europe to strengthen ties with its allies on the continent.

French President Emmanuel Macron said today that France is working with eight European

countries as part of a, quote, forward deterrent strategy. The countries would join France's nuclear

exercises. Many European countries are reassessing their reliance on the U.S. nuclear umbrella

for their security, given President Trump's antagonism towards Europe.

And that's what's news for this Monday afternoon. Additional sound courtesy of Reuters.

Today's show is produced by Pierre Bianame, with supervising producer Tally Arbel.

I'm Alex O'Soleff of The Wall Street Journal. We'll be back with a new show tomorrow morning.

Thanks for listening.

Hey, this is Tally's Demos. And I'm Miriam Gottfried. We're reporters at The Wall Street Journal

and the hosts of WSJ's Take on the Week. It's a weekly show that gives listeners a leg up in the

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