President Trump addressed the nation on Wednesday evening to provide justification for the war in Iran and indicate that the US is nearing completion of its objectives.
“We are on track to complete all of America’s military objectives shortly, very shortly,” the president said.
Trump did not provide specific details of an exit from the conflict, but he said the US would hit Iran “extremely hard” over the next two to three weeks. After the conflict is over, Trump said that the Strait of Hormuz “will open up naturally.”
Trump’s speech comes as markets are highly sensitive to developments in the Middle East, where the war has impacted oil prices and a variety of assets. The war has also drastically reshaped expectations for inflation, economic growth, and the Federal Reserve’s interest rate policy this year.
Over the past two days, markets have rallied on growing optimism that the war may end soon. Oil prices have held at or above $100 per barrel, and US average gas prices have crossed $4 per gallon as the war enters its fifth week.
