Financial markets have certainly taken that on board, with energy prices falling back from the war-level highs seen yesterday.
But were the president's remarks deliberately aimed at taking heat out of those prices as countries across the world count the cost of the conflict?
Iran war latest: UK prepares second ship for deployment
It has already inflicted huge damage across the oil and natural gas-rich Middle East.
The region is crucial to global price stability because of those resources, and UK businesses and consumers are already paying a price, with the likelihood of much worse to come even if the war were to end now.
Here, Sky News explains what's happened and how you will be affected.
Oil
This chart tells you all you need to know.
Any spike in global oil prices takes time to filter through fully. Black gold, as it is known, might be the enemy for the health of our planet, but it remains the crucial cog for the health of the global economy.
Oil prices will only recover to pre-war levels when Middle East output and deliveries through the key Strait of Hormuz have resumed.
The trouble here is that the biggest production sites for oil, and natural gas too, in the region have been shut down and it can take weeks to safely restart operations following any suspensions.
It means that an end to the war is not necessarily a quick fix for oil prices, with deeper consequences ahead. More on those later.
Fuel
This is where we have first seen the effects of rising oil prices.
The old saying goes that UK fuel prices are quick to rise and slow to fall.
Rewind to Monday 2 March - the first chance financial markets had to react to news of air strikes on Tehran the previous Saturday - and the Brent crude oil price rose by about $5 to almost $78 a barrel by the close.
Sky News was told that UK wholesale costs had risen by 2p a litre that Monday night. For diesel, it was 7p.
According to the RAC, average pump costs since the war started were 5p a litre higher for petrol on Sunday at 137.5p, while diesel had shot up by 9p to 151p.
The motoring group is warning that more increases are on the way as forecourts are restocked with more expensive fuel.
The price picture is not helped by the fact that the pound has fallen in value versus the oil-priced dollar.
It is impossible to say how far prices could go but the industry has been warned by the Competition and Markets Authority that it will act if it sees any evidence of profiteering - building on its fuel market findings that drivers have been paying over the odds for years.
Heating oil
This is the lifeblood of the UK's rural communities.
Inevitably, the cost of heating oil for new deliveries has risen as oil costs have gone up.
But according to data from provider BoilerJuice, the average cost of a 1,000-litre top-up stood at 133p per litre on Monday.
That is more than 120% up on where the cost stood on 28 February - the day the first bombs dropped.
As with fuel prices, users are being urged to shop around if they need a delivery.
Household energy
Here is where the news is a bit less painful.
The energy price cap shields households on that default tariff from any immediate shocks in the global energy markets.
The level for April through to the end of June has already been set - at £1,641 it is £117 down on an annual basis for the average user of gas and electricity paying by direct debit.
However, current market prices are already influencing the calculations for the next cap level which will be set in May for July-October. Forecasts last week, before we saw the big spike in natural gas costs of up to 100%, indicated a 10% rise to £1,800 was possible.
If you are on a fixed rate deal that is ending, as of Monday there were still offers in the market that were coming in at an average annual £1,640 - just beating the predicted price cap level due to begin at the end of the month.
What it all means for inflation
A quick recap.
The UK's consumer prices index (CPI) measure had been widely expected to tumble from its current level of 3% to around 2% within the next few months - mostly because of easing energy costs.
On Monday, Chancellor Rachel Reeves acknowledged there would likely be upward pressure on the pace of price growth in the economy due to the war-led energy spike.
Those elevated costs will not only feed into the cars we fill with fuel and our household energy bills but the prices factories face for raw materials, the charges factories impose for manufactured goods and the food we consume.
A forecast by Oxford Economics last week saw the chance of a 0.6 percentage point hike for inflation by the year's end, assuming the war was short-lived.
Crucially, and this is where it gets a bit more complicated, this prediction was purely based on so-called second-round effects - indirect consequences such as price-setting behaviour by businesses.
Does this threaten an interest rate rise?
The Bank of England uses tools, including interest rates, to help keep the pace of inflation in check.
Since Russia's invasion of Ukraine, rates have been elevated to help keep a lid on price growth.
The prospect of a fresh energy-led lift to inflation means the Bank, which had been expected to cut the Bank rate from 3.75% to 3.5% next week, is now widely predicted to hold off.
LSEG data shows markets are currently almost pricing in a single increase by the end of the year instead.
What effects has this had?
We've seen fixed-rate mortgage deals pulled and repriced higher, reflecting that shift in sentiment over interest rate prospects.
Data from Moneyfacts on Tuesday showed that the average five-year fixed rate had gone above 5% for the first time since November, and stood at its highest since 20 October at 5.03%.
Lending costs for banks themselves have risen on the back of the market mayhem, alongside government borrowing costs.
What about pensions and investments?
Private pension values and vehicles such as stocks and shares isas have taken an inevitable hit from the turmoil.
The FTSE 100 may be down 4.6% in the month to date but it remains 5% up on where it started the year.
The more domestically-focused FTSE 250 is just clinging on to a gain for 2026 as a whole.
Lale Akoner, eToro's global market analyst, told Sky News on the temptation to react: "For everyday investors, the key point is that geopolitical shocks often create short bursts of volatility rather than long-term damage to markets.
"Trying to react quickly to headlines can often do more harm than good. Instead, investors should focus on staying diversified and keeping a long-term perspective.
"Periods like this can actually highlight the value of having exposure across different sectors and regions, as energy stocks and defensive companies often perform better when oil prices rise and uncertainty increases."
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What have we learned?
The war is having a real cost impact on the UK already.
Fuel, heating oil and mortgage rates are all up.
How long the war lasts will determine the path for prices ahead but even a truce will not result in any quick fix.
Yes, things like new maritime insurance premiums may come down immediately, but it will inevitably take months for shipping, energy output and deliveries to return to pre-war levels, with price growth pressures potentially taking longer to disperse through supply chains.
A spokesman for Durham Constabulary said: "A man has been charged with murder following an incident at HMP Frankland in Durham.
"Emergency services were called to reports of an assault in the workshop on the morning of Thursday, February 26.
"Ian Huntley, 52, was taken to hospital with serious injuries but died on the morning of Saturday, March 7.
"Anthony Russell, 43, of HMP Frankland, has been charged with murder and will appear via video link at Newton Aycliffe Magistrates' Court on Wednesday, March 11."
Huntley was convicted of the murders of 10-year-olds Holly Wells and Jessica Chapman in Soham, Cambridgeshire, in 2002.
He killed them after they left a family barbecue to buy sweets, then dumped their bodies in a ditch.
Huntley was convicted of the murder of both girls in December 2003 and sentenced to two terms of life imprisonment.
Christopher Atkinson of the Crown Prosecution Service said: "The Crown Prosecution Service has decided to prosecute Anthony Russell with murder following a police investigation into a fatal attack on Ian Huntley at HMP Frankland.
"Our prosecutors have worked to establish that there is sufficient evidence to bring the case to trial and that it is in the public interest to pursue criminal proceedings.
"We have worked closely with Durham Constabulary as they carried out their investigation."
Ministers say it is a working definition and a "tool for government and organisations to better understand, measure, prevent and address anti-Muslim hostility".
Crucially, the definition is non-statutory - meaning it is advisory and has no legal backing.
Discrimination of someone due to their religion or belief is already unlawful under the Equality Act.
Communities Secretary Steve Reed told MPs that ministers had a duty to act against record levels of hate crime against Muslims, but that "you can't tackle a problem if you can't describe it".
He also denied the definition would interfere with freedom of speech or create "blasphemy laws by the back door".
Hate crimes against Muslims reported to police in England and Wales rose by almost a fifth in the year ending March 2025, to 3,199 offences.
The figure does not include incidents reported to Metropolitan Police due to changes in its recording system.
Jewish people faced the highest rate of hate crimes, according to the government figures, with 106 incidents per 10,000 population. Muslims were second, with 12 per 10,000 population.
In February last year, the government set up a working group, led by former Tory minister Dominic Grieve, to come up with a definition of anti-Muslim hatred or Islamophobia.
But Sky News learnt in October that ministers were moving away from the word "Islamophobia" and towards "anti-Muslim hostility".
Alongside the new definition, ministers have set out an accompanying text which says freedom of speech and expression are protected by law, which includes criticising or ridiculing a belief, including Islam.
"Portraying it in a manner that some of its adherents might find disrespectful or scandalous," is also legal, the text says.
Speaking in the Commons, shadow communities minister Paul Holmes said the definition risked "hindering legitimate criticism" - which Mr Reed rejected.
"We will not do what [the Conservatives] did and stand by and simply watch while Muslim communities face targeted abuse in ways that any decent country would consider to be absolutely intolerable," he replied.
Mr Reed announced the new definition as he unveiled a wider strategy on social cohesion.
The British Muslim Trust welcomed the move, with chairman Shabir Randeree saying it would "help guide institutions that have too often been too slow or too weak in their responses to incidents a tolerant and respectful country like ours must never accept".
The government is to also appoint a special representative on anti-Muslim hostility to engage with communities and help facilitate understanding and implementation of the definition.
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Prime Minister Sir Keir Starmer visited a community centre in London on Monday to speak with residents about how the government was trying to protect people from the impacts of the war in the Middle East.
He said "we mustn't let" the conflict drive apart communities in the UK, and that Muslim and Jewish communities in particular needed reassuring.
Mr Reed also told MPs in the Commons that the government was protecting Jewish communities with "record funding for security at synagogues and schools, millions of pounds to tackle antisemitism in schools and universities, new laws to stop abusive protests outside places of worship".
He added: "Today, we are going even further to tackle antisemitism in schools and colleges and in the healthcare system, and crucially, clamping down hard on the extremism which so often targets Jews first of all."
The Met Office says while there may be sunny spells in the south and east of the country, many should brace for wintry conditions returning on Thursday.
Clouds, winds and outbreaks of rain are forecast, with downpours being the heaviest on western hills.
Blustery showers are expected to hit the northwest and there is a chance of snow on Scottish mountains.
Up to 50mm of rain could fall over the Lake District, with heavy rainfall possible further south.
On Friday, temperatures are expected to drop across the country.
Jason Kelly, chief operational meteorologist for the Met Office, said: "A notable shift in wind direction to a north-westerly flow will bring a markedly colder day nationwide on Friday, with the potential for a mixture of sunny spells, heavy showers, coastal gales, and snow over high ground.
"There's also the possibility of accumulations on lower hills too. The picture will become clearer closer to the time, so keep an eye on our forecast as the week progresses."
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Joanna Robinson, Sky News's weather producer, said: "The next few days will generally see temperatures around average or slightly above, with highs reaching the mid-teens on Thursday.
"Rain moving through on Thursday will introduce colder air from the north, with temperatures widely below average on Friday and Saturday before recovering slightly.
"Friday will bring showers, with snow down to relatively low levels in the north, especially early on.
"There'll be fewer showers around on Saturday, and the snow risk will become increasingly confined to the highest hills.
"Frosty conditions overnight will bring the risk of icy stretches."
The Conservatives had pushed for the move via an amendment to the government's flagship education legislation currently going through parliament: the Children's Wellbeing and Schools Bill.
It had been backed by the House of Lords, but was defeated in the Commons on Monday night by 307 votes to 173.
Calls for a ban have gained traction after Australia became the first country in the world to enforce one back in December. Since then, other nations - including in Europe - have been flirting with the idea.
Sir Keir Starmer has been accused of "dither and delay" by announcing the UK government will consult on a possible ban, without committing to one.
In a statement after the Commons vote, the Liberal Democrats said his stance was "not good enough" and "families need concrete assurances now".
During the debate, shadow education secretary Laura Trott described the situation as an "emergency", as she cited polling which suggested 40% of children are shown explicit content on smartphones during the school day.
"No more guidance, no more consultations. Legislate, do something about it," she said.
Government leaves door open to action
Some 107 Labour MPs abstained on the amendment to the education bill, including Sadik Al-Hassan, who told the Commons parents were "locked in a daily battle that they simply cannot win alone, fighting platforms that have been specifically designed to keep children hooked".
But education minister Olivia Bailey cited concerns from children's charities that an outright ban on under-16s using social media could drive them towards "less regulated corners of the internet", or leave them "unprepared" for how to navigate the online world.
She said the government's consultation would "seek views to help shape our next steps" - which could ultimately still include banning children from platforms like Instagram and TikTok.
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One measure MPs did back on Monday was to grant additional powers to the technology secretary, Liz Kendall, to potentially introduce such a ban in future.
She could also limit children's use of VPNs and restrict access to addictive features of apps like autoplay videos.
'Huge demand' for ban
The Children's Wellbeing and Schools Bill will now return to the House of Lords to be further considered by peers.
Lord Nash, the Conservative who proposed the amendment, has vowed to try to have it passed again. He said there's "huge demand across the country to raise the age limit and protect children".
The bill will only become law if both Houses agree the final draft.