The short version: Iran seized an American unmanned submarine, a vessel with no crew operated by remote or automated control, near the Strait of Hormuz, and the United States said the capture was not a serious incident. The two countries have since traded fresh attacks in the same waters. President Donald Trump says oil prices will fall fast once the Iran war ends.

American officials treated the seizure as a minor event. The fighting around the strait continued regardless.

Trump's oil price forecast is conditional: prices fall after the war ends, he said. The war has not ended, and no publicly stated timeline for its conclusion exists.