Oil prices spiked and global markets plunged after Donald Trump’s prime-time address to the nation Wednesday failed to outline a clear path to ending the Iran war.
Trump’s speech provided no certainty as he claimed the war was a resounding success but admitted that the US would remain engaged for at least another two to three weeks.
Brent crude oil prices jumped nearly 5 percent to $105 per barrel amid fears the US was no closer to eliminating Iran’s stranglehold on the Strait of Hormuz.
Futures tied to the Dow dropped 1 percent, the S&P 500 fell 1.1 percent and the Nasdaq slid 1.4 percent.
Japan’s Nikkei plummeted 1.9 percent, the first major index to trade after US markets close and a closely watched early signal for investors.
Conservative pundit Ann Coulter was among the first to mock the address, sharing a graph of the oil price and writing on X: ‘Trump’s magnificent speech got results! Way to go, Mr. President!’
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.’
