President Donald Trump said Wednesday that he is “very proud” of the decision to strike Iran, arguing that the resulting war has not derailed the economy and has coincided with record stock market gains.
Speaking to reporters, Trump pointed to the market’s resilience despite the military campaign.
“I’m very proud of that decision,” Trump said. “Today we hit another stock market high. We may have the highest stock market in history with a military conflict going on. Some people call it a war, some people call it a military conflict. It’s not a big thing for us. We have a great military.”
Trump argued that the economy has continued to perform strongly since the strikes began, saying people’s retirement accounts are benefiting.
“Everyone’s 401(k)s are the highest they’ve ever been,” he said. “Everybody’s making a lot of money. Costs are coming down. Everything’s good.”
Consumers, however, have faced higher costs, with one of the most significant economic consequences being a surge in energy prices after oil shipments through the Strait of Hormuz were disrupted during the opening stages of the conflict. Gasoline prices have jumped due to the war, though prices have eased somewhat from their peak in recent weeks. As of Tuesday, the national average price for regular gasoline stood at $4.29 per gallon, remaining elevated compared with pre-war levels.
The volatility, though, has boosted profits for major financial institutions and energy companies. JPMorgan’s trading division generated $11.6 billion in revenue during the first quarter of 2026, helping the bank post strong first-quarter profits. Energy giants Shell and TotalEnergies also reported stronger-than-expected earnings as oil and natural gas markets reacted to the conflict.
Defense contractors have likewise benefited from heightened military spending. Lockheed Martin, Boeing, and Northrop Grumman each reported record order backlogs at the end of the first quarter, reflecting increased demand for weapons systems and military equipment.
The conflict showed little sign of cooling Wednesday, with Iran launching one of its most damaging missile and drone barrages since the April ceasefire, targeting Kuwait and Bahrain. The attack caused extensive damage at a Kuwaiti airport and prompted a new round of U.S. retaliatory strikes.
Diplomatic efforts have deteriorated over the past week amid disputes over whether Israel’s military operations against Hezbollah fall under the terms of the ceasefire agreement. The strike on Kuwait marked the second attack on the country in 72 hours, while the attack on Bahrain was the first since the ceasefire took effect in April.
IRAN HITS KUWAIT AND BAHRAIN IN ONE OF MOST DAMAGING ATTACKS SINCE CEASEFIRE
Four House Republicans — Reps. Thomas Massie (R-KY), Brian Fitzpatrick (R-PA), Tom Barrett (R-MI), and Warren Davidson (R-OH) — did not share Trump’s rosy perception of the war, however, voting Wednesday evening with all Democrats to restrict the president’s war powers.
The measure to end the over 90-day war will head to the Senate, but, if passed, will likely be vetoed by Trump.