Following President Donald Trump’s prime-time address on Wednesday, oil prices soared while global markets took a nosedive, reflecting the uncertainty surrounding the future of the Iran conflict. Trump’s speech, intended to reassure the nation, instead left many questions unanswered, as he declared the war a success yet acknowledged U.S. involvement would continue for at least a few more weeks.
The speech’s lack of clarity sent Brent crude oil prices climbing nearly 5 percent, reaching $105 per barrel. This spike was driven by concerns that the United States had not yet managed to loosen Iran’s grip on the strategically crucial Strait of Hormuz.
In response to the geopolitical tension, U.S. stock futures took a hit. The Dow’s futures fell by 1 percent, the S&P 500 dipped 1.1 percent, and the Nasdaq experienced a 1.4 percent decline. Meanwhile, Japan’s Nikkei index, typically seen as an early indicator for investors after the U.S. markets close, dropped 1.9 percent.
Among the critics of Trump’s address was conservative commentator Ann Coulter, who did not hold back in her critique. She sarcastically lauded the speech on X, posting a graph of the rising oil prices and commenting, “Trump’s magnificent speech got results! Way to go, Mr. President!”
Despite the mixed reactions, Trump maintained a positive outlook on the economy during his speech. However, he placed the blame for the surging gas prices and temporary economic hiccups squarely on Iran’s retaliatory moves.
Trump struck an optimistic tone on the economy but squarely blamed high gas prices and temporary cost hikes on Iran’s retaliatory actions.
‘Many Americans have been concerned to see the recent rise in gasoline prices here at home,’ Trump said. ‘This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.’
Global markets were sent into a frenzy during President Donald Trump’s late-night address on the US-Iran war on Wednesday evening
Trump urged countries reliant on the Strait of Hormuz to go out and ‘take it’
The national average price for a gallon of regular gasoline is $4.06 as of Wednesday. Brent crude oil prices jumped $5 during Trump’s evening address
Notably, the President did not offer any assurances to allies regarding the Strait of Hormuz, through which a fifth of the global oil transits.
Since the outbreak of the war, it has been largely sealed off to maritime traffic and oil tankers due to Iranian attacks on commercial vessels since the conflict began.
Trump has repeatedly said it needs to be opened, but has also passed the responsibility to other countries to reopen the waterway.
‘The countries of the world that do receive oil through the Hormuz Strait must take care of that passage,’ he said. ‘We will be helpful, but they should take the lead in protecting the oil that they so desperately depend on.’
‘Go to the Strait and just take it, protect it, use it for yourselves. Iran has been essentially decimated. The hard part is done,’ Trump said.
Trump added that Iran will be forced to allow the Strait to reopen since Iran is ‘going to want to be able to sell oil, because that’s all they have to try and rebuild.’
The national average for a gallon of regular gas stands at $4.06, up from $2.90 before the war began, according to AAA.
The speech did not make any mention of using US soldiers on the ground in Iran or remarks about NATO, which had been reported as a topic for Trump’s address.
United States Marines conduct a simulated reconnaissance and surveillance mission at a naval support facility on March 24 in Diego Garcia, British Indian Ocean Territories
A ball of fire rises from the site of an Israeli strike that targeted a building adjacent to the highway that leads to Beirut’s international airport on March 31
Still, the USS Tripoli arrived in the Middle East on Friday, composed of around 5,000 sailors and Marines distributed across several warships.
They will soon be joined by the San Diego-based USS Boxer amphibious assault ship, and two other vessels comprising the 11th Marine Expeditionary Unit.
Also heading to the region are thousands of paratroopers from the 82nd Airborne, who will apparently be accompanied by hundreds of Special Forces.
The UAE, which has taken massive barrages of Iranian missiles and drones, is reportedly prepared to deploy troops to help the US seize control of Hormuz, while European allies have insisted that they will not be dragged into the conflict.
