Iran war: Oil prices jump, stocks fall after Trump speech

Key Points:

• US President Donald Trump declared in a prime-time address that US forces will strike Iran "extremely hard" over the next two to three weeks, claiming that core military objectives are nearing completion and Iran's military capabilities have been severely damaged.
• Following Trump’s speech, oil prices surged sharply, with Brent crude rising 5% to $106.22 per barrel, while Asian stock markets fell amid concerns over the ongoing conflict and the near-closure of the Strait of Hormuz by Iran.
• Iran vowed "crushing attacks" on the US and Israel in response to Trump's threats, with Iranian military officials emphasizing that the war will continue until the US faces humiliation and surrender.
• The UK announced a virtual summit with over 30 nations to discuss reopening the Strait of Hormuz, aiming to restore freedom of navigation and secure the passage of vital commodities, amid the waterway’s blockade disrupting global oil supplies.
• Russia expressed readiness to mediate the conflict, with President Putin maintaining contacts with regional leaders and offering to contribute to transitioning the military situation toward peace.