In a turbulent turn of events, oil prices surged and global markets took a hit following President Donald Trump’s prime-time address concerning the ongoing conflict with Iran. During his speech on Wednesday, Trump declared the war a success but admitted that U.S. involvement would persist for another two to three weeks, offering no definitive plan to conclude hostilities. As a result, Brent crude oil prices soared nearly 5%, reaching $105 per barrel, as fears grew over Iran’s continued control over the strategic Strait of Hormuz. Meanwhile, futures tied to major U.S. stock indices faltered, with the Dow dropping 1%, the S&P 500 declining 1.1%, and the Nasdaq slipping 1.4%. Japan’s Nikkei index also fell sharply by 1.9%, serving as a crucial early indicator for global investors following the U.S. market closure.

Conservative commentator Ann Coulter was quick to criticize the address, sarcastically posting a graph showing the spike in oil prices and commenting on social media, “Trump’s magnificent speech got results! Way to go, Mr. President!” Although Trump maintained a positive outlook on the economy, he attributed the rising gas prices and temporary cost increases to Iran’s retaliatory actions. “Many Americans have been concerned to see the recent rise in gasoline prices here at home,” Trump stated. “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.” However, he notably refrained from providing reassurances to allies regarding the critical Strait of Hormuz, a crucial passage for a fifth of the world’s oil supply.

Since the onset of the conflict, the Strait of Hormuz has been largely closed to maritime traffic due to Iranian assaults on commercial vessels. While Trump has repeatedly highlighted the necessity of reopening the waterway, he has also shifted the responsibility to other nations. “The countries of the world that do receive oil through the Hormuz Strait must take care of that passage,” he asserted. “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 added.

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. 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.