US President Donald Trump, in a press conference regarding the ongoing war with Iran, claimed that Washington's 'core strategic objectives' are purportedly nearing completion. He also urged other countries to show 'courage' and 'take care' of the Strait of Hormuz. Trump's statements triggered significant market volatility globally.
Against the backdrop of Trump's address, oil prices surged sharply: Brent crude jumped 5% to $106.22 per barrel, while benchmark US crude rose 4.2% to $104.36. Asian stock markets began declining: Japan's Nikkei 225 fell 1.4%, South Korea's Kospi lost 3.4%, and Hong Kong's Hang Seng dropped 0.8%. US and European stock futures also slid by 1-1.5%.
The US president assessed the oil price increase as 'short-term,' blaming it on what he called 'the Iranian regime launching deranged terror attacks against commercial oil tankers and neighboring countries that have nothing to do with the conflict.' He emphasized: 'We import almost no oil through the Hormuz Strait and won’t be taking any in the future. The countries of the world that do receive oil through the Hormuz Strait must take care of that passage. They must cherish it.'
Trump repeated his assertion about the war nearing its end: 'I'm pleased to say that these core strategic objectives are nearing completion.' He added that the US would continue hitting targets in Iran over the next two to three weeks and 'finish the job very fast.' He also reiterated Defense Secretary Pete Hegseth's claim that family members of American soldiers killed in the Iran war had allegedly urged him to 'finish the job.'
The heads of the International Energy Agency, International Monetary Fund, and World Bank Group agreed to form a coordination group to better respond to economic upheaval caused by the Iran war. Their statement noted: 'The Middle East war has caused major disruptions to lives and livelihoods in the region and triggered one of the largest supply shortages in global energy market history.' Low-income countries are disproportionately affected.
Iranian President Masoud Pezeshkian penned an open letter to the people of the US, criticizing what he termed an 'absurd operation that is costly for their nation.' He questioned: 'Is it not the case that America has entered this aggression as a proxy for Israel, influenced and manipulated by that regime? Is America really first on the list of priorities of the US government?' Pezeshkian also denied Trump's claims about ceasefire negotiations.
NATO Secretary-General Mark Rutte will visit Washington next week to hold talks with US officials. This visit comes amid a growing rift between the Trump administration and other NATO allies. Trump recently blasted European allies over differences on the Iran war and their rejection of his call to help open the Strait of Hormuz, and repeated threats to pull the US out of the military alliance.
Source: www.dw.com