Oil prices surged and stock markets fell Thursday as President Donald Trump vowed to continue military strikes against Iran, offering no clear timeline for de-escalation. The developments come after a national address where Trump defended actions taken in the Middle East.

Trump Defends Military Action, Sets No End Date

During his address, President Trump asserted that U.S. forces have already met or exceeded their military objectives in the region. He stated that U.S. forces will continue to strike Iran “extremely hard over the next two or three weeks,” threatening to bring the country “back to the Stone Ages.”

Notably, Trump did not address ongoing negotiations with Iran or mention his previous deadline of April 6 for Iran to reopen the Strait of Hormuz, a critical waterway for global oil and gas transport. He previously threatened attacks on Iran’s energy infrastructure if the strait remained closed.

Global Economic Impact & Rising Fuel Costs

Oil prices rose by more than 7% following Trump’s comments, with U.S. crude oil jumping to over $110 a barrel. Stock markets in Asia and Europe also experienced declines. The S&P 500 fell 1.2%, the Dow Jones Industrial Average sank 600 points, and the Nasdaq Composite dropped 1.7% after U.S. markets opened.

U.S. gas prices have already surpassed an average of $4 a gallon for the first time since 2022, contributing to rising food costs worldwide. Trump urged countries reliant on supplies through the Strait of Hormuz to “grab it” themselves, rather than offering a solution to the supply disruptions.

U.S. Embassy Warns of Attacks in Baghdad

The U.S. Embassy in Baghdad issued a warning Thursday, stating that Iran-linked militias in Iraq “may intend to conduct attacks in central Baghdad in the next 24-48 hours.”

International Reactions and Diplomatic Efforts

French President Emmanuel Macron criticized the U.S. for launching military action against Iran without consulting its allies, stating that the U.S. “can hardly complain afterward that they are not being supported.” He reaffirmed France’s commitment to the NATO alliance.

More than 40 countries convened to discuss reopening the Strait of Hormuz, with U.K. Foreign Secretary Yvette Cooper emphasizing the international determination to secure the vital oil route. Discussions included potential mine-clearing operations and security measures for commercial shipping. The U.S. did not participate in these talks.

Lebanon Faces Escalating Conflict

Lebanon’s cabinet warned of a “significant expansion” in Israeli occupation of Lebanese territory, with reports of a potential buffer zone extending to the Litani River. Over one million Lebanese citizens have been displaced due to ongoing Israeli strikes since the conflict began on March 2. The strikes have resulted in 1,345 deaths, including 125 children and 91 women, and 4,040 injuries.

Iranian Perspectives and Yemeni Support

An engineer in Tehran expressed “disgust” and outrage at Trump’s threats, stating that they demonstrate a disregard for the Iranian people and a desire to destroy the country’s infrastructure and culture. He anticipates a potential ground invasion that would be detrimental to both sides.

Abdul Malik al-Houthi, leader of the Iran-backed Yemeni rebel group, announced that his group participated in joint operations against the U.S. and Israel through missile and drone strikes, pledging continued support for Iran.

Human Rights Concerns

Nasrin Sotoudeh, a prominent Iranian human rights lawyer and Sakharov Prize laureate, was detained by Iranian authorities Wednesday night, with authorities seizing her electronic devices. Her daughter, Mehraveh Khandan, reported the detention on Instagram.