President Donald Trump said the joint U.S.-Israeli bombing campaign against Iran could wrap sooner than expected as global markets have continued to tumble from the effects of rising oil prices as a result of the week-old war.

In a Monday interview, Trump told CBS News he thought the war is “very complete, pretty much.”

“They have no navy, no communications, they’ve got no Air Force,” he said.

Trump also told the television network that the U.S. war effort is now “very far” ahead of the four to five week timeline he and his advisers had estimated when the air campaign began just over one week earlier.

The president’s latest comments come just hours after Pentagon officials released the identity of Sergeant Benjamin Pennington, who they said was the seventh American service member to die from enemy fire since American warplanes began bombing Iran early on March 1.

Pennington, who enlisted in the Army in 2017, died from injuries sustained during an attack on U.S. troops at Prince Sultan Air Base, Saudi Arabia.

While the American death toll from the airstrikes has remained in the single digits, the war’s effect on the petroleum market has caused gasoline prices in the United States to soar by double-digit percentages since the war’s start last week after Iran’s military threatened shipping through the Strait of Hormuz.

Trump told CBS ships are currently moving through that key chokepoint but he also said he’s “thinking about taking it over.”

“They’ve shot everything they have to shoot, and they better not try anything cute or it’s going to be the end of that country,” he added.

According to the American Automobile Association, the average cost of a gallon of gasoline hit $3.48 on Monday, with prices hitting even higher levels in places such as California, where the price of a single gallon is $5.20.

Gasoline costs are closely tied to oil prices and the latest explosion of violence in the Middle East has badly disrupted the flow of crude oil from the Persian Gulf, sending oil soaring beyond the $100 per barrel mark for the first time since the outbreak of the war in Ukraine in 2022.

Iranian threats against tankers intending to cross the key shipping route Strait of Hormuz has led to their idling in port rather than risk being attacked. As a result, shipments are going undelivered and the world faces being cut off from around one-fifth of its supply.

Iraq, the United Arab Emirates and Kuwait have responded to the impasse by making precautionary cuts to their domestic oil production in anticipation of forthcoming storage issues if their exports remain grounded, according to CNBC.

But Trump has so far attempted to downplay the problem in a Sunday night Truth Social post in which he wrote that “short-term” spikes in oil are “a very small price to pay for U.S.A., and World, Safety and Peace.”

He added that anyone who believes otherwise is a “fool.”