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President Donald Trump delivered a nationally televised address from the White House on April 1, declaring that the U.S.-led military campaign against Iran, codenamed Operation Epic Fury, has achieved its core objectives and is entering its final phase.

In the 18-minute speech, Trump stated that Iran’s navy and air force have been “effectively neutralized,” with more than 70% of its ballistic missile launchers and drone bases destroyed in the six-week operation.

“We are nearing completion,” the President said. “What remains is cleanup, and we will finish the job.”

Defense Secretary Pete Hegseth, who joined the President for parts of the briefing, confirmed that the past 24 hours recorded the lowest number of Iranian missile and drone attacks since the campaign began in late February.

“The enemy is largely out of weapons and out of options,” Hegseth told reporters afterward.

Pentagon officials briefed Congress behind closed doors this morning, revealing that U.S. and allied naval forces now maintain near-total control of the Strait of Hormuz.

Commercial shipping traffic through the critical chokepoint has resumed at 85% of pre-crisis levels, according to data from the U.S. Central Command.

The address also included a pointed message to NATO allies.

Trump once again criticized European partners for providing “zero meaningful support” in securing the Strait, calling the alliance a “paper tiger” and warning that continued inaction could force a full U.S. reevaluation of its NATO commitments.

Market Reaction

Defense stocks reacted positively in early trading.

Boeing (BA) rose nearly 4% after the Pentagon confirmed a new contract to triple production of PAC-3 Patriot missile seekers, a direct response to heavy usage during Epic Fury.

Raytheon and Lockheed Martin also posted modest gains amid renewed focus on munitions replenishment.

Oil prices ticked up 2.8% on lingering uncertainty, though analysts noted that the sharp drop in Iranian attacks has eased fears of prolonged disruption in the Gulf.

What Is Next

Senior military officials say the remaining phase of the operation will focus on destroying underground missile factories and eliminating any remaining Iranian proxy capabilities in the region.

No timetable was given for full withdrawal, but sources close to the White House indicate the President wants “victory declared within the next two to three weeks.”

The White House has not ruled out additional strikes if Iran attempts any last-ditch retaliation.