Trump Iran Address Leaves Markets Unsettled

President Trump’s Wednesday night address on the war in Iran did not ease investor anxiety, and markets remained volatile on Thursday as traders weighed the risk of prolonged disruption. Officials and market participants focused on the speech’s emphasis on renewed threats toward Tehran and the limited detail offered on de-escalation or on steps to contain potential economic fallout.

In early market moves after the address, oil prices rose while bonds sold off, signaling a shift toward inflation and supply-risk concerns rather than relief. Brent crude, the global benchmark, climbed to nearly $108 a barrel, and West Texas Intermediate, the U.S. benchmark, moved above $108 a barrel. S&P 500 futures fell sharply, wiping out earlier gains, as investors reassessed the likelihood of a quick end to the conflict.

Trump said the war was “nearing completion,” but the market response suggested skepticism that the situation would resolve rapidly or without broader economic consequences. In the same remarks, he urged countries that depend on the Strait of Hormuz to protect the corridor, underscoring the strategic importance of the route for oil and natural gas flows. The focus on Hormuz reinforced concerns that energy and shipping risks could remain elevated even if fighting slows.

U.S. intelligence, however, indicates Iranian officials are not inclined toward substantial negotiations, adding uncertainty around any near-term diplomatic off-ramp. Separately, reports described continued drone and missile strikes in Israel and in some Persian Gulf countries, pointing to ongoing regional security risks. Together, these signals complicated expectations that the conflict’s economic effects could be quickly contained.

Industry assessments also challenged the idea of a swift normalization in energy logistics. Claudio Galimberti of Rystad Energy said that even under a best-case scenario, restoring oil and gas shipments from the region to pre-war levels would take weeks, which he said runs counter to Trump’s description of a “natural” reopening. S. benchmark watched by refiners and consumers.

For global markets, the immediate takeaway was that the address did not provide enough clarity to reduce risk premiums tied to energy supply and regional security. Investors are left balancing official statements about the conflict’s trajectory against intelligence assessments and reports of continued strikes. The next market moves are likely to remain sensitive to any verified changes in shipping conditions around the Strait of Hormuz and to signals on whether negotiations become more likely.