President Trump’s speech disappointed markets, which had been riding on hopes of deescalation. Trump vowed to “hit Iran hard” and “send them to the Stone Age.”
Markets are making sense of President Trump’s speech that suggested the US would escalate its military operations before withdrawing from Iran in two to three weeks. Developments in the US-Israeli war against Iran have rattled global markets for weeks, with an open Strait of Hormuz a crucial signifier for stability in energy markets.
Brent crude has surged roughly 50% since the war began in late February, though a weeklong pullback in oil prices this week temporarily bolstered sentiment. Following Trump’s address, US benchmark West Texas Intermediate (CL=F) rose 13% to trade above $113 a barrel, while Brent (BZ=F) jumped 8% to also trade above $109.
Thursday marks the final trading session of the holiday-shortened week ahead of the Good Friday closure. Initial jobless claims data out Thursday morning showed initial claims fell by 9,000 to 202,000 for the week ending March 28, with the closely watched March jobs report due Friday.
Daily Market Coverage Apr. 2, 2026 9AM-11AM (ET) | Yahoo Finance
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