Oil prices rose sharply and Asian stocks fell on Thursday after U.S. President Donald Trump delivered a national address regarding ongoing tensions with Iran. Brent crude, the international standard, jumped 4.9% to $106.16 per barrel, while benchmark U.S. crude rose 4% to $104.15 a barrel.

Trump Vows Further Action Against Iran

In his Wednesday night speech, President Trump stated the United States would “finish the job” in Iran, indicating that core strategic objectives were nearing completion and military operations could conclude soon. He also warned of significant repercussions, stating, “We are going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Ages, where they belong.”

Threats to Strait of Hormuz

Trump reiterated threats of U.S. attacks on Iran’s energy infrastructure if the Strait of Hormuz, a critical waterway for global oil and gas transport, was not reopened. However, he did not provide a clear timeline or strategy for resolving the supply disruptions that have driven up energy prices.

Asian Markets React Negatively

Asian stock markets experienced significant declines in early trading on Thursday. Tokyo’s Nikkei 225 was down 1.9% to 52,731.94. South Korea’s Kospi lost 3.6% to 5,281.22. Hong Kong’s Hang Seng fell 0.9% to 25,056.42, and the Shanghai Composite index was down 0.5% to 3,928.30. U.S. futures also dropped by more than 0.9%.

Market Disappointment

“The market has shown disappointment because the speech President Trump made was far less than what the market expected,” said Takashi Hiroki, chief strategist at Monex in Tokyo. “There were no concrete details about the end of the hostilities with Iran.”

Other Market Movements

Gold and silver prices decreased following Trump’s remarks. Gold’s price fell 2% to $4,718.70 per ounce, and silver lost 4.9% to $72.39 an ounce. On Wednesday, the S&P 500 added 0.7% to 6,575.32, the Dow Jones Industrial Average rose 0.5% to 46,565.74, and the Nasdaq composite climbed 1.2% to 21,840.95.

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The U.S. dollar strengthened to 159.37 Japanese yen, up from 158.82 yen. The euro traded at $1.1545, down from $1.1589.

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