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President Trump sent a formal letter to House Speaker Mike Johnson and Senate President pro tempore Chuck Grassley on May 1, 2026, saying the hostilities that began on Feb. 28, 2026, “have terminated.” The White House cited the declaration to argue that no new congressional authorization is required for the current U.S. military posture in the Middle East.
The conflict began after the United States, coordinating with Israeli strikes, launched military operations against Iran described in some reports as “Operation Epic Fury.” The strikes targeted Iranian nuclear facilities, missile programs, military infrastructure, and leadership sites. Iran retaliated and briefly threatened the Strait of Hormuz.
Trump formally notified Congress of the hostilities on March 2, 2026, starting the War Powers clock. A ceasefire took effect on April 7, 2026, and has since been extended, with no direct exchanges of fire between U.S. and Iranian forces reported since.
While the ceasefire remains in place, the U.S. has maintained a naval blockade intended to restrict Iranian oil exports. Negotiations for a permanent arrangement have continued through third-party mediators, including Pakistan.
Trump told reporters this week that Iran had delivered a new proposal, but he said he was “not satisfied with it.” He characterized Iran’s leadership as “very disjointed” and “fractured,” and said there were two paths forward: a negotiated deal or military escalation. He added that he would “prefer not” escalation “on a human basis,” while leaving the option open.
Defense Secretary Pete Hegseth previewed the administration’s legal interpretation the day before in Senate testimony, arguing that the ceasefire effectively pauses the 60-day clock. A senior administration official said: “For War Powers Resolution purposes, the hostilities that began on Saturday, Feb. 28, have terminated.”
Trump also called the War Powers Resolution “unconstitutional,” a position he has held previously.
Democrats challenged the administration’s approach. Sen. Tim Kaine argued that the U.S. naval blockade constitutes ongoing hostilities and that the interpretation stretches the law. Senate Republicans blocked Democratic efforts to force a vote on authorization, and Congress adjourned without acting.
Markets responded to easing geopolitical signals and a strong earnings season. The Nasdaq Composite closed at 25,114, up 222 points and at a record high. The S&P 500 gained 21 points to close at 7,230, while the Dow Jones Industrial Average slipped 153 points to 49,499.
More than 80% of S&P 500 companies reporting this season beat earnings estimates. Oil prices fell, with Brent crude settling near $108 per barrel and WTI near $99.55, down roughly 2.6% on the day.
Gold held in the $4,580 to $4,636 per ounce range, reflecting continued safe-haven demand tied to inflation concerns and ongoing Middle East uncertainty. Silver traded near $72 to $75 per ounce, remaining at historically elevated levels.
Bitcoin was around $78,311, up 2.52% on the day at Wall Street’s close, as risk-on sentiment supported both equities and crypto. Bitcoin’s market dominance held near 60%. Ethereum gained 1.88% to $2,303. Other top performers in the 24-hour window included hyperliquid (HYPE), up 4.04%, and dogecoin (DOGE), up 2.96%, with most of the top 20 crypto assets posting gains.
The U.S. economy grew at a 2.0% annualized rate in Q1 2026, rebounding from 0.5% growth in Q4 2025. The expansion was supported by business investment, consumer spending, and AI-related tailwinds. The Federal Reserve held its target rate steady at 3.50% to 3.75%, citing elevated uncertainty from Middle East developments and inflation running above the 2% target.
Trump has linked full resolution of the conflict to lower energy costs, telling reporters that oil and gas prices will “come tumbling down” once the war concludes.
The ceasefire remains intact but described as fragile. The U.S. naval blockade of Iranian oil exports continues, and Iran retains partial influence over the Strait of Hormuz. Negotiations are ongoing by phone.
By declaring that hostilities have terminated, the administration effectively resets the War Powers clock without ending the broader standoff, preserving flexibility for renewed diplomacy and, if Trump chooses, future military action.
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