Trump's Iran War Escalation Sends Markets into Turmoil

US President Donald Trump's prime-time address on the Iran war has sent shockwaves through global markets. In his 19-minute speech, Trump emphasized that 'core strategic objectives are nearing completion' and vowed to escalate military action against Iran.

The escalation of tensions led to a surge in oil prices, with Brent crude rising 5% to above $106 per barrel. West Texas Intermediate also jumped 4.1% to $104. In contrast, crypto markets plummeted, with Bitcoin dropping from an intraday high of $69,135 to $66,818, a 3.3% decline.

The move has led investors to reassess their bets on a quick resolution to the Hormuz crisis. Trump's speech contained no new information, no timeline to end the war, and no plan to reopen the Strait of Hormuz. Instead, he promised more military action, which has been met with skepticism by Iran.

Iran's Foreign Minister Abbas Araghchi stated that there are no direct negotiations with Washington and that Tehran's trust in the US stands at zero. The country's parliament is also working on legislation to make its Hormuz toll system permanent, which could further complicate any potential ceasefire.