WSJ What’s News - Trump Pushes for Speedy End to Iran War

Episode Date: March 26, 2026

A.M. Edition for Mar. 26. President Trump is privately telling advisors he believes the war in Iran is in its final stages and that he hopes to see a diplomatic end to the conflict within weeks. Plus, IMO Secretary-General Arsenio Dominguez discusses the plight of 20,000 mariners stuck on ships in the Persian Gulf and the mounting economic costs the longer the war drags on. And after unearthing hundreds of millions of carats, Rio Tinto exits the diamond business. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Visit medcan.com slash moments to get started. President Trump tells AIDS that he wants a speedy end to the Iran war. Plus, a look at the traders making big money on last-minute bets tied to White House policy. During an otherwise quiet hour in the oil futures market, there was more than $760 million worth of trading in Brent and West Texas Intermediate crude oil futures. And after unearthing hundreds of millions of carrots, Rio Tinto exits the diamond business. It's Thursday, March 26th. I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Nearly a month into the war with Iran, President Trump has privately told advisors that he believes the conflict is in its final stages and hopes for a diplomatic settlement to bring it to an end within weeks.

We're winning so big, nobody's ever seen anything like we're doing in the Middle East with Iran. and they are negotiating, by the way, and they want to make a deal so badly, but they're afraid to say it because they figure they'll be killed by their own people. They're also afraid they'll be killed by us. That was Trump speaking at an event in Washington last night. We report that while there are no easy options for ending the war, and the president still has objectives like securing U.S. access to some of Iran's oil, Trump's attention has at times shifted. In discussions with political allies, Trump has begun focusing on November's mid-day.

terms, tightening voter eligibility rules and addressing long lines at airports. Close advisors also want him to prioritize the most pressing issue facing voters, concerns about the cost of living which have been exacerbated by the war. Meanwhile, facing the risk of tariffs on top of war-related costs, EU lawmakers are today voting on whether to back a trade deal reached with the U.S. last year. Our Kim McRail is in Brussels. The deal that was reached last year is where the U.S. agreed to cap tariffs. for most EU exports to the U.S. at 15%.

And this vote is important because Europeans are worried that if they don't cut their tariffs, the U.S. could renege on its pledge to keep most of its tariffs on the EU at 15% or lower. And actually, that's something that Trump's ambassador to the EU warned was a possibility during an interview he did with the Wall Street Journal earlier this week. To cushion against changes in U.S. policy, EU lawmakers have made the bloc's tariff cuts conditional on Washington fulfilling its side of the bargain. And while President Trump's tariff decisions, military strikes, and sudden policy shifts over the past year have often moved markets, our reporting shows that there have been several occasions in which unusual trades have hit the tape just ahead of major announcements. You may have heard on the show about one trader who made more than $400,000 in profits

after placing a series of bets on Polly Market about the timing of Nicholas Maduro losing power in Venezuela with the last one coming just an hour before Trump announced his capture. And as general reporter Alexander Ossipovich explains, that's not the only unusual trade. On Monday morning, Donald Trump posted on truth social that he was postponing his threatened attacks on Iranian energy plants. This caused a wild shift in the market. It caused stock futures to go up, caused oil futures to drop precipitously. And then we discovered, not too long afterwards, that there had been a flurry of trading activity just about 15 minutes before Trump sent that market moving post.

During an otherwise quiet hour in the oil futures market, there was more than $760 million worth of trading in Brent and West Texas intermediate crude oil futures. And there was no real catalyst for this to happen. This led immediately to speculation that somebody had traded ahead of Trump's announcement. Democratic lawmakers have called for an investigation into the trades saying they resemble corruption. The White House has denied that its officials were involved in any sort of illegal insider trading and called such speculation baseless. A sharp slowdown in immigration is reshaping some of America's biggest cities. New census figures show that the L.A. San Diego.

and Miami areas all shrank in the year through June 2025, and half of the 50 largest metro areas lost more people than they gained from the rest of the U.S. Strong growth is continuing elsewhere, though, with several mid-sized in smaller cities across the Carolinas, Texas, and Mountain West, growing at four times the national rate or more. Health Secretary Robert F. Kennedy Jr.'s Pick First Surgeon General has hit a standstill in her confirmation process. We report that Healthy food advocate Dr. Casey Means currently lacks enough GOP support to advance out of the Senate's Health Committee and faces additional hurdles in the full Senate. However, the White House hasn't dropped her nomination given her support from Kennedy as well as other members of the Make America

Healthy Again movement, with an official saying that skeptical Republicans could still be brought around. And the U.S. Postal Service is turning to fuel surcharges for the first time in an effort to try and stabilize its budget amid soaring fuel and transport costs. The 8% fee will apply to packages only and kicks in next month. Both FedEx and UPS, which have imposed surcharges for years, dramatically raised theirs in recent weeks amid turmoil in the Middle East. Coming up, how the shipping industry is managing one of the biggest crises since the pandemic, and a diamond mine, once preferred by Harry Winston, loses its luster after the break.

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German shipping giant Hapagloid is telling investors to brace for an earning slump this year, thanks to disruptions caused by the Iran War and sharply rising costs. It's just the latest such message from container shipping operators who've been forced to suspend routes and send boats on longer journeys to try and avoid fighting, including direct attacks from Iran. With commercial shipping under threat, I spoke with the Secretary General of the International Maritime Maritime-Dominguez, and began by asking how the industry is faring.

It's very challenging, particularly because of the 20,000 innocent seafarers that are actually trapped in the Strait of Hormuz because of this conflict. It's around 2,000 vessels as well, that of course, the longer that this conflict takes, the more worries that we will be on the supplies for these seafarers, from food, water, to oil and fuel

for these vessels to continue to at least be operating there. There's no ways for us to... to start working on crew changes because there is a conflict area and there are limitations in relation to flights as well. These seafarers can't dock at a nearby port. I mean, presumably they're at risk when they're at anchor just as much as they are in port. It's a conflict area. So even the port facilities have been targeted as well.

And the movement is more limited. We have to remember as well that air traffic has been disrupted. And in order for a ship to change crews, we need to bring. bring near one in. And of course that I would call for any innocent seafarer right now to travel into this region and board a vessel. This is what becomes very difficult. Ships cannot be left unattended. They become immediately a hazard. I know your leading efforts to try and create a safe corridor through the strait. What might that look like? Right now, we're looking first into those ships that are probably more in need in relation to supplies to the seafarers that need

any assistance. In parallel, we are developing the operational aspects and then getting the commitment from the member states around the region that the ships can evacuate in accordance to the decision that we took last week to establish a framework, a mechanism in order for the ships to transit out of the Strait of Hormuz. Does an outcome of this war need to be a new arrangement for the Strait of Hormuz going forward? What we need is the situation to actually go back to what it was before three weeks ago in order for shipping to. continue to navigate. We have to recognize the geographical limitations that already exist in that region. Though a potential legacy, if this doesn't end well, or even if it even were to end today,

I guess, is that this demonstrates how effective it is to use commercial shipping as a pawn in geopolitical conflict. That's something that we have been experiencing in recent years, from conflicts. I mean, the Red Sea was another example in that respect. And that's why the cold from us and from my side will continue to reiterate the fact that shipping is innocent and should not be used as collateral damage. The more that everybody around the world notices how negatively affected it is because of these kind of situations, the more that shipping would start getting the recognition that it actually deserves and normally doesn't get, particularly the innocent sea fighters that work on board. We're here at the Wall Street Journal. A lot of global trade,

the price of commodities is often a reason things get done, right? It almost seems like every day we look at a new industry and see how it's affected by the community. continued closer of the straight helium at the end of last week. Is there more to come if this keeps playing out? For the longer this conflict and the situation continues, the more that we will see the negative effect. We're talking about an area that exports 20% of oil to the rest of the world. That already has an impact of seven along the sectors in industry.

Then when we looked into fertilizers, 13% come from there, as well as all the chemicals. That has an immediate effect, negative effect, on agriculture and food security. Then of course is all the humanitarian aspect that has to go into the necessary essential goods for the people and the communities around the Persian Gulf. All this will have a longer negative effect and of course increase costs for as long as the conflict is in place. Logistically, when ships don't meet their schedules, they start pining up in different ports and their ports need to start adjusting their operations. All this has a negative effect that takes weeks sometimes.

months for the whole logistical sector in shipping to actually then goes back to normal. We've been hearing, particularly, some countries in Southeast Asia really needing some of the products coming out of the Persian Gulf to keep their economies ticking. Would the IMO be involved in, I don't know, helping redirect other global maritime traffic to countries in need if some of the concerns you're talking about worsen? We don't work directly on those trade decisions, But of course, shipping can activate other routes if it's required. What it's important to recognize is that since we're talking about the essential goods that come from this region, even through multimodal transportation, there will be limitations for them to actually reach out to the final destination.

So the reality is that we go back to how essential shipping is on this very strategic part of the world and how we need this conflict to the escalate and allow us to continue to trade as normal. Arsenio Dominguez is the Secretary General of the International Maritime Organization. Secretary General, thank you so much for being with us on What's News. Thank you. And it's the end of an era for the world's second biggest miner, Rio Tinto, which says that it's dug up its last diamond. After producing more than 150 million carrots of diamonds at its Dyivik mine in Canada's northwest territories, journal reporter Riannon Hoyle says that the company dug up everything that it could profitably mine there

and is shifting its focus to commodities like copper, which it expects to drive future growth. This is a striking mine that really put Canadian diamonds on the map. It is a resource that was found beneath a frozen lake and had huge challenges in getting these diamonds out, but was incredibly profitable for many years for Rio Tinto. The closure is also happening at what has been a difficult time for diamond miners, which have faced headwinds from the rise of cheaper lab-made diamonds. So Rio Tinto's peer Anglo-American has been looking to off-lust. load its own storied De Beers diamond business, but efforts have been complicated by tough market

conditions, leading it to last month half the value it puts on the business. It's third such downgrade in three years. American jeweler Harry Winston formerly held a stake in the Dyivik mine, which primarily produced white gems and on occasion rare yellow diamonds. And that's it for what's news for this Thursday morning. Today's show was produced by Daniel Bach and Haddy Moyer. Our Supervising Producer is Sandra Kilhoff, and I'm Luke Vargas for the Wall Street Journal. We'll be back tonight with a new show. Until then, thanks for listening. Getting ready for a game means being ready for anything. Like packing a spare stick. I like to be prepared. That's why I remember, 988, Canada's suicide crisis hubline.

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