US President Donald Trump delivered a prime-time address on April 2, 2026, saying Washington’s campaign against Iran was “nearing completion” and promising to “finish the job” in the coming weeks. Speaking from the White House Cross Hall, Trump described what he called major US military successes under “Operation Epic Fury,” saying Iran’s ability to launch missiles and drones had been “dramatically curtailed,” its weapons factories and rocket launchers “blown to pieces,” and its navy and air force left in ruins. He said the US would continue hitting targets in Iran over the next two to three weeks and that the campaign would be wrapped up “very fast.”
Trump repeated claims that family members of American soldiers killed in the conflict had urged him to finish the mission. He also told the public the US imports “almost no oil through the Hormuz Strait” and insisted the country did not need that oil, urging other nations that rely on Hormuz shipments to “take care of that passage.”
Economic fallout and market reaction
Markets reacted immediately after the speech. Brent crude rose more than 5% to roughly $106 per barrel and US benchmark crude climbed above $104. Asian stock markets fell — Tokyo’s Nikkei, South Korea’s Kospi and Hong Kong’s Hang Seng all slipped — while US and European futures declined. Trump blamed Iran for recent rises in fuel prices, calling them “short-term” and the result of what he described as Iranian attacks on commercial tankers and neighboring countries. The US average price for a gallon of gasoline surpassed $4 for the first time since 2022.
Global institutions and governments signaled concern about wider economic effects. The heads of the International Energy Agency, the IMF and the World Bank said they would coordinate responses to the war’s impact, noting disruptions to energy, fertilizer and food markets and the disproportionate harm to low-income countries. The European Commission urged energy-saving measures and stronger commitments to renewables. The Philippines declared a national energy emergency amid mounting fuel shortages.
Strait of Hormuz, shipping and diplomatic efforts
Iran has effectively closed the Strait of Hormuz to much commercial traffic, a chokepoint that previously handled about one-fifth of the world’s oil and LNG flows. A UK-hosted virtual meeting of about 35 countries was scheduled to discuss post-conflict options for reopening and securing the strait, with Prime Minister Keir Starmer saying military planners would assess capabilities to make passage safe once fighting stops.
Ryanair’s CEO warned jet-fuel deliveries to Europe could face disruptions by June if the conflict continued, potentially forcing airlines to cancel flights or reduce capacity during peak summer months. The International Air Transport Association has highlighted Europe’s exposure to Persian Gulf fuel supplies.
Escalation on the battlefield and at home
The conflict has seen repeated strikes and counterstrikes. Iran fired a barrage of ballistic missiles at central Israel shortly before Passover, setting off sirens in Tel Aviv and causing damage in the greater Tel Aviv area; earlier strikes on Bnei Brak wounded at least 14 people, including children. Israel reported strikes on targets across Tehran. Iran-backed Hezbollah continued to exchange fire with Israeli forces 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 Trump’s assertion that Iran had sought a ceasefire, calling related US claims “false and baseless.”
Politics and diplomacy
Iranian President Masoud Pezeshkian published an open letter to the American people criticizing the US-led operation as costly and arguing against continued confrontation. Tehran has denied claims that it requested a ceasefire; Foreign Ministry spokesperson Esmail Baghaei called Trump’s remarks untrue.
Trump also used the address to praise NASA’s Artemis II moon mission before turning to the war, and he again attacked European allies over their reluctance to participate in securing Hormuz. He warned he was considering withdrawing the US from NATO, prompting an upcoming visit by NATO Secretary-General Mark Rutte to Washington for talks amid strained transatlantic relations.
Outlook
The president insisted core strategic objectives were close to being achieved and warned Iran would be struck “extremely hard” in the coming weeks. Global economic and security observers warn that continued fighting risks further energy price spikes, disrupted supply chains and heightened geopolitical tensions, while international institutions prepare coordinated monitoring and assistance for affected economies.