US President Donald Trump delivered a prime-time address from the White House Cross Hall on April 2, 2026, saying Washington’s campaign against Iran was “nearing completion” and pledging the United States would “finish the job” in the coming weeks. He described what he called major military successes under “Operation Epic Fury,” saying Iran’s missile and drone capabilities had been “dramatically curtailed,” weapons factories and rocket launchers had been destroyed, and its navy and air force were severely degraded. Trump said US strikes would continue over the next two to three weeks and predicted the campaign would be wrapped up ‘‘very fast.’’
Trump repeated that relatives of American service members killed in the fighting had urged him to complete the mission. He also told viewers the US imports “almost no oil through the Hormuz Strait,” arguing the country did not need that oil and calling on other nations that rely on Hormuz shipments to “take care of that passage.”
Markets reacted quickly after the address. Brent crude jumped more than 5% to about $106 a barrel, while the US benchmark climbed above $104. Asian equity markets slipped — including Tokyo’s Nikkei, South Korea’s Kospi and Hong Kong’s Hang Seng — and US and European futures declined. The US national average price for a gallon of gasoline topped $4 for the first time since 2022. Trump blamed recent fuel price rises on Iran, calling them ‘‘short-term’’ and tying them to Iranian attacks on commercial tankers and neighboring states.
Global institutions and governments warned of broader economic consequences. The heads of the International Energy Agency, the IMF and the World Bank said they would coordinate responses to the conflict’s effects, citing disruptions to energy, fertilizer and food markets and the disproportionate impact on low-income countries. The European Commission urged energy-saving measures and accelerated commitments to renewables, while the Philippines declared a national energy emergency amid mounting fuel shortages.
The Strait of Hormuz, a chokepoint that previously handled roughly one-fifth of the world’s oil and LNG flows, has effectively been closed to much commercial traffic. A UK-hosted virtual meeting of about 35 countries was scheduled to discuss options for reopening and securing the strait after the fighting ends; Prime Minister Keir Starmer said military planners would assess capabilities to make passage safe once hostilities stop. Ryanair’s CEO warned jet-fuel deliveries to Europe could face disruptions by June if the conflict continued, possibly forcing airlines to cancel flights or reduce capacity during peak summer travel. The International Air Transport Association highlighted Europe’s exposure to Persian Gulf fuel supplies.
The battlefield has seen repeated strikes and counterstrikes. Iran fired a barrage of ballistic missiles at central Israel shortly before Passover, triggering sirens in Tel Aviv and causing damage in the greater metropolitan area; earlier strikes on Bnei Brak wounded at least 14 people, including children. Israel reported strikes on targets across Tehran. Exchanges between Israel and Iran-backed Hezbollah continued along the Lebanese border.
Inside Iran, large crowds attended funerals for senior figures killed in recent strikes, including Islamic Revolutionary Guard Corps navy commander Alireza Tangsiri, whose death was confirmed after an Israeli air operation. Tehran’s Revolutionary Guard said it controls the Strait of Hormuz and rejected US statements that Iran had sought a ceasefire, calling related US claims “false and baseless.”
On the diplomatic and political front, Iranian President Masoud Pezeshkian published an open letter to the American people criticizing the US-led operation as costly and warning against further confrontation. Tehran denied requests for a ceasefire, and Foreign Ministry spokesperson Esmail Baghaei called Trump’s remarks untrue. In his address, Trump also praised NASA’s Artemis II moon mission before focusing on the conflict, renewed criticism of European allies over their reluctance to help secure Hormuz, and said he was considering withdrawing the US from NATO — comments that prompted an upcoming visit by NATO Secretary-General Mark Rutte to Washington for talks amid strained transatlantic relations.
Looking ahead, the president said core strategic objectives were nearly achieved and warned Iran would be struck “extremely hard” in the coming weeks. Economists and security analysts cautioned that continued fighting risks further energy price spikes, disrupted supply chains and heightened geopolitical tensions. International institutions said they were preparing coordinated monitoring and assistance for economies and populations most affected by the conflict.