Crude oil climbed above $100 a barrel while Bitcoin slid about 2% after US President Donald Trump delivered a national address on the conflict with Iran, saying the US would hit Iran “extremely hard” in the coming weeks.
Speaking from the White House, Trump said the US military is “very close” to finishing “Operation Epic Fury,” claiming it has degraded Iran’s nuclear and naval capabilities and significantly impaired its drones, missiles and weapons factories.
“I can say tonight that we are on track to complete all of America’s military objectives shortly. Very shortly, we are going to hit them extremely hard over the next 2 to 3 weeks.”
Markets have reacted to the Middle East conflict over recent months, with stocks, crude oil and cryptocurrencies moving on developments. Oil had eased after Trump previously suggested the war would wind down soon, but his latest remarks pushed prices higher.
At the time of writing, crude oil had spiked back above $100 to $103.59 per barrel. Bitcoin, which dipped about 1% during the speech, traded near $66,904, down roughly 2% since the address began.
Trump also said negotiations continue. The US has demanded that Iran dismantle its nuclear programs, reopen commercial shipping channels and stop supporting regional proxy groups. Iran, in turn, seeks a permanent end to the war, compensation for damages and removal of US forces from the region.
“The new group is less radical and much more reasonable. Yet, if during this period of time no deal is made, we have our eyes on key targets,” Trump added.
Conflict intensified in February after US and Israeli strikes on Iran, which led Iran to blockade the Strait of Hormuz, a vital oil shipping route, in an attempt to curb supply. Trump said the strait would reopen naturally once the conflict ends because Iran will want to sell oil to rebuild its economy.
“And in any event, when this conflict is over, the strait will open up naturally. It’ll just open up naturally. They’re going to want to be able to sell oil because that’s all they have to try and rebuild. It will resume flowing and the gas prices will rapidly come back down. Stock prices will rapidly go back up,” he said.
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