Oil prices surged while U.S. equity futures took a downturn following President Trump’s address to the nation on Wednesday evening. In his speech, Trump reinforced his belief that the United States is nearing the completion of its objectives, but cautioned that the ongoing conflict remains unresolved.
The international benchmark, Brent crude, saw a significant reversal, climbing approximately 4.8% to around $106 per barrel after dipping below $100 earlier in the day. The U.S. benchmark, West Texas Intermediate (WTI), also bounced back from initial losses, gaining about 4.2% to trade near $104.30.
In contrast, futures for the S&P 500 fell by roughly 1%, while the Dow Jones Industrial Average experienced a smaller decline of 0.9%. The Nasdaq 100 futures were down approximately 1.1%.
During his address, Trump hinted at the possibility of escalating military action, although he did not present new information. He suggested that U.S. efforts aim to significantly weaken Iran, stating that the country would be sent “back to the stone ages” as part of attempts to diminish its threat to global security. Despite previous reports that Trump was contemplating a military withdrawal from Iran within a short timeframe, the president did not clarify his stance regarding control over the strategically vital Strait of Hormuz, a key passage for global oil supply.
