Trump says the war with Iran is "basically over"; U.S. oil prices sharply fell from earlier highs.

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According to CCTV News, on March 9 local time, U.S. President Trump stated that the war against Iran may soon come to an end.

Trump said in a phone interview: "I think this war is basically over, almost done. They (Iran) have no navy, no communications system, and no air force." Trump also said the progress was "much faster" than his initial estimate of a 4 to 5 week time frame.

When asked about Iran's new Supreme Leader Mojtaba Khamenei, Trump said: "I have nothing to say about him, absolutely nothing." Trump claimed he "already has someone in mind to replace Khamenei," but did not elaborate further. 

Driven by the above news, WTI crude oil futures fell more than 5.5% to $81.27, although it had risen to $119.50 in the early Asia-Pacific session.

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