Brent crude jumped 6.6 per cent to near $108 a barrel as the war kept the Strait of Hormuz — a key artery for Middle East shipments — effectively shut, tightening supply. The passage would reopen “naturally” once hostilities subside, the US president said, without providing details or a clear timeline. Stocks sold off after Trump’s speech undermined a nascent global rally, as concerns grew that a prolonged war would keep crude prices elevated and weigh on economic growth. Cross-asset volatility also picked up after Trump’s speech, with the dollar strengthening against — reinforcing its appeal as the haven of choice during the war — and Treasuries falling on inflation concerns. The change of tone in Trump’s speech damped hopes for a quick conclusion of the conflict that has already roiled financial markets and pushed several equity gauges into correction territory as investors pared risk.

Source: The Irish Times April 02, 2026 14:25 UTC