Markets Seesaw After Sharp Turn During Trump’s ‘Epic Fury’ Address

Oil prices surged and stocks initially fell on Thursday following President Donald Trump’s address to the nation, reflecting concerns about energy supply disruptions and a prolonged war. However, leading U.S. indexes jumped on reports from Iranian state media that said Iran and Oman were drafting a protocol to “monitor” traffic in the Strait of Hormuz. Both the S&P 500 and the Dow Jones Industrial Average rose 0.4%, and the Nasdaq Composite ticked up 0.3%.

After the President’s address on Iran, both the Dow and the S&P 500 opened down 1.2%, while the Nasdaq dropped 1.6% amid rising energy costs and geopolitical uncertainty. Brent crude, the global oil benchmark, jumped nearly 8% to around $109 a barrel as investors reacted to Trump’s pledge to escalate military action. Trump said he would only consider a ceasefire once the Strait of Hormuz “is open, free, and clear,” and urged allies to take responsibility for securing the shipping route themselves. Roughly 20% of global oil supply passes through the strait, making any disruption a major driver of higher prices.

“The United States imports almost no oil through the Hormuz Strait and won’t be taking any in the future,” Trump said during his Wednesday speech. “We don’t need it. We haven’t needed it, and we don’t need it.” Supply constraints may be difficult to offset quickly. Many refineries are designed to process heavier crude from the Middle East, limiting their ability to substitute with lighter U.S. shale oil.

The president also said the United States would hit Iran “extremely hard” in the coming weeks, adding that he expects the war to conclude in two or three weeks. “We are going to bring them back to the Stone Age where they belong,” Trump warned.

Thursday will be the last trading day for the week, with the markets closed for Good Friday. The S&P 500 is down about 5% since the start of the year, marking its worst quarterly performance since 2022, as volatility tied to the Iran war continues to rattle investors.