Oil prices spiked, and stocks sank on Thursday after Donald Trump reiterated that US forces would hammer Iran for another two to three weeks but offered no solution to the closure of the Strait of Hormuz that has crippled global markets.
Investors were left unimpressed with the US president’s first prime-time address to the nation since the war began, in which he again called on countries that rely on the waterway for energy supplies to reopen it themselves.
Trump’s speech added little to what he has said in the past, warning that “over the next two to three weeks, we are going to bring them back to the Stone Ages, where they belong”.