US President Trump Concludes Speech on Iran Conflict, Markets React
Trump concluded his 19-minute speech, promising a future where the US is “safer, stronger, more prosperous” after the Iran conflict. Trump revisited messages he has shared before, emphasising that the war responds to “47 years of Iranian violence” and attacks on US targets, including the Marine barracks bombing and USS Cole attack. Trump repeated that the US will exit Iran within two to three weeks, though this extends the war beyond the initial four-to-six week timeline. His speech caused volatility in Asian stock markets, with Japan’s Nikkei down 1.5%, South Korea’s Kospi down 2.6%, and Hong Kong’s Hang Seng down 1%. Brent crude jumps $6, gift nifty falls 2% Here are the key developments on April 2, 2026 United Nations Secretary-General Antonio Guterres has said he is sending his personal envoy to the Middle East to bolster diplomatic efforts, as he renewed calls for an immediate and peaceful resolution to the conflict. “It is high time for the United States and Israel to halt the war that is causing immense human suffering and severe economic fallout,” he said, while also urging Iran to “stop attacking its neighbours.” The UN chief warned that the situation risks spiralling further, cautioning that “we are on the edge of a wider war.” “The impact of this conflict is already being felt across the world,” he added. With US oil prices climbing above $112 per barrel, The Kobeissi Letter models suggest that if these levels persist for another two months, US CPI inflation could rise to around 3.6%. That would push inflation to its highest level since September 2023, according to TKL. India will take part in crucial international discussions on the Strait of Hormuz, with the Foreign Secretary set to join a meeting convened by the United Kingdom later today. Confirming the development, MEA spokesperson Randhir Jaiswal said several countries, including India, have been invited amid growing concerns over maritime security in the region. Britain on Thursday accused Iran of holding the global economy “hostage” as diplomats from over 40 countries convened to explore ways to reopen the Strait of Hormuz, a critical shipping route disrupted by the ongoing US-Israeli war on Iran. The United States is not participating in the virtual talks. President Donald Trump has indicated that securing the waterway is not Washington’s responsibility, while also criticising European allies for their limited support in the conflict and renewing threats to withdraw from NATO. UK Foreign Secretary Yvette Cooper said the discussions—focused on political and diplomatic solutions rather than military action—demonstrate “the strength of our international determination” to restore access to the strait. President Trump’s televised address failed to calm jittery markets, with oil prices surging over 7% on Thursday to touch $108 a barrel in early trade. The spike reflects deepening anxiety over global supply, as fears grow around disruptions in key shipping routes. According to NYT, Oxford Economics now expects crude to average $113 a barrel in the second quarter, based on the assumption that the Strait of Hormuz remains effectively shut through April. The UAE’s Ministry of Foreign Affairs has reaffirmed that Iranian nationals residing in the country are a “respected and valued” part of society, underscoring its commitment to safeguarding their rights and security. In a statement, the ministry said the UAE remains dedicated to maintaining a safe and stable environment rooted in the rule of law, ensuring the protection of all residents while upholding its long-standing values of tolerance and coexistence. The country is home to an estimated half a million Iranians, many of whom live and work in Dubai. The reassurance comes a day after Emirati airlines announced restrictions barring Iranian nationals from entering or transiting through UAE airports, with limited exceptions, amid heightened regional tensions. Spokesperson for Iran’s Khatam al-Anbiya Central Headquarters Ebrahim Zolfaghari has said that US and Israeli assessments of Iran’s military strength are “incomplete”, arguing that Washington and its allies do not fully understand Tehran’s “vast and strategic capacities”. He dismissed claims that critical elements of Iran’s military infrastructure, including missile production, long-range drones, air defence systems and electronic warfare capabilities, have been destroyed. “Such assumptions will only deepen the quagmire in which you have trapped yourselves,” he said. Zolfaghari further described sites reportedly hit in recent attacks as “insignificant”, stressing that Iran’s key military production facilities are located in undisclosed areas beyond the reach of its adversaries. He also rejected attempts to quantify Iran’s arsenal, saying any effort to count its missiles, drones, or advanced systems would be inaccurate and ultimately futile. The Philippines said on Thursday that Iran has assured safe passage for ships flying the Philippine flag through the Strait of Hormuz. Iran’s Foreign Minister, Abbas Araghchi, conveyed to Philippine Foreign Secretary Theresa P. Lazaro that “Philippine-flagged vessels, energy supplies, and all Filipino seafarers” would be allowed to pass through the crucial waterway, according to the Philippine foreign ministry. The assurance comes amid mounting energy concerns in the country. Last month, the Philippine president declared a national energy emergency, while hundreds of transport workers staged strikes in protest against rising fuel prices. Iran’s Army Chief Major General Amir Hatami on Thursday delivered a stark warning to the Islamic Republic’s adversaries, declaring that any ground offensive against the country would be met with swift and lethal force, according to Iran’s semi-official Fars News Agency. Hatami said that “not a single” attacker would be spared in the event of a ground invasion, an apparent reference to the possibility of US or Israeli forces entering the conflict as regional tensions escalate. “If the enemy undertakes a ground operation, not a single one should escape with their life,” he said, as quoted by Fars. The army chief also asserted that Iran’s armed forces are fully prepared on both offensive and defensive fronts to counter any aggression. He stressed the importance of continuous surveillance of adversary movements, calling for “utmost suspicion and precision” in tracking developments and executing counter-strategies at the right moment. European Commission President Ursula von der Leyen on Thursday said that she held a discussion with British Prime Minister Keir Starmer on escalating tensions in the Middle East, warning of risks to global economic stability. "Good call yesterday with Keir Starmer. We discussed the situation in the Middle East and the Strait of Hormuz. Iran's actions are putting global economic stability at risk. We will work with our partners to ensure freedom of navigation can resume as soon as possible," von der Leyen wrote on X. Britain planned to hold a call Thursday with nearly three dozen countries about how to reopen the strait, through which 20 per cent of all oil and natural gas traded passes in peacetime. The 35 countries, including all G7 industrialised democracies except the US, as well as the United Arab Emirates and Bahrain, signed a declaration last month demanding Iran stop blocking the strait. In Nabatiyeh, a family of four — a man, his wife, and their two daughters — died in an airstrike. The ongoing Israeli ground invasion of southern Lebanon has killed over 1,318 people, including 125 children, and wounded nearly 4,000. Hezbollah continues to claim operations against Israeli troops, launching rockets, drones, and artillery across northern Israel. Esmail Baghaei, spokesperson for Iran’s Foreign Ministry, responded to Trump’s speech warning Iran of strikes on every power plant. “We will not tolerate this vicious cycle of war, negotiations, ceasefire, and repeating the same pattern,” he said, calling the conflict “catastrophic for Iran and the region.” Baghaei added that Iran remains committed to good relations with Gulf neighbors but will fight back against US-Israeli aggression. “This is an unjust war imposed on the Iranian people. We have no choice but to fight back strongly.” Lebanon’s National News Agency reports that an “enemy air strike” hit a building in Kfar Sir, killing at least three people. Air raids were also reported in the towns of Yatar, Harouf, and Zibdine. Israeli forces have been intensifying attacks across southern Lebanon amid the ongoing war in Iran, while also carrying out ground operations in parts of the region. Across the Gulf, people are growing anxious over attacks on civilian institutions. Authorities are concerned that Iran-aligned factions in Iraq may expand attacks, raising fear across civilian areas. The Khatam-al Anbiya military command said Washington and Tel Aviv “know nothing about our vast and strategic capabilities.” A spokesman told Tasnim news agency that strategic missile production, drones, and defense systems remain intact and warned of “more crushing, broader, and destructive actions” until enemies face “definitive surrender.” Joe Kent, a former top US security official who resigned over the war on Iran, has urged President Trump to bring the conflict to a quick end. Kent, responding to Trump’s national address, wrote on X: “We honor our fallen by learning from our past & only shedding American blood in defense of our nation. The best time to get out of a war of choice is now, before we lose more lives.” He stressed that the U.S. can declare victory whenever it wants—but that requires Trump to restrain Israel. “Israel needs us committed indefinitely, we are seeking a quick end to the war. We have drastically different goals than Israel & must act accordingly,” Kent added. Kent, who headed the National Counterterrorism Center, is the first senior official in Trump’s administration to resign over the war on Iran. The Council on American–Islamic Relations (CAIR) called Trump’s threat to send Iran “back to the Stone Ages” racist, anti-Muslim, and dehumanising. “Targeting civilian infrastructure is a war crime,” the group said on X, urging Congress to pass a War Powers Resolution, cut off war funding, and investigate Defense Secretary Pete Hegseth. For Iranians, Trump’s speech sounded like the same old threats. While he spoke of quickly achieving war objectives, Tehran insists it will decide the pace and course of the conflict. “It’s not clear if Trump’s vague language comes from a lack of a plan or a strategy of ambiguity. For most Iranians, it looks like he never had a plan,” analysts said. Trump also threatened widespread destruction of Iran, hitting civilian infrastructure. Ordinary Iranians, not political elites, are bearing the brunt of the strikes, including damage to power plants. The UN Security Council condemned the deaths of three Indonesian UNIFIL peacekeepers in southern Lebanon. They called for the injured’s recovery and reaffirmed support for peacekeeping efforts, without naming responsible parties. Iran launched multiple missiles toward Israel, with Israeli air defenses scrambling to intercept the incoming threats shortly after US President Donald Trump said Washington had crippled much of Iran’s military and was close to achieving its war goals. The attacks underscore that Iran’s forces remain active despite Trump’s claims of advanced progress in the conflict. Authorities in Abu Dhabi confirmed that a missile was successfully intercepted near Khalifa Economic Zones Abu Dhabi (KEZAD). The interception caused minor damage but no injuries. Hezbollah fired rockets at Israeli settlements in al-Malikiyah and Yeroun and deployed drones against Even Menachem. Several senior US officials attended Trump’s televised address from the White House Cross Hall, including General Dan Caine, chairman of the Joint Chiefs of Staff, Secretary of State Marco Rubio, Secretary of Defense Pete Hegseth, and Attorney General Pam Bondi. Australian Prime Minister Anthony Albanese urged calm, saying, “The objectives that President Trump outlined at the time of him launching the action against Iran have largely been achieved, and we want to see a de-escalation. Now those objectives have been realised, it is not clear what more needs to be achieved or what the end point looks like. The longer the war goes on, the more significant the impact on the global economy will be.” Rocket sirens were reported in northern Israel after fire from Lebanon. The Channel 12 broadcaster said alarms were activated in the Upper Galilee region after the Israeli military detected the launch. Experts called Trump’s speech repetitive and lacking substance. Trita Parsi, executive vice president at the Quincy Institute, told Al Jazeera, “Essentially, it was a summary of all of the tweets he has issued over the last 30 days, almost in chronological order. But precisely because it does not appear to have anything new in it, it reveals that he really does not have a plan.” Jamal Abdi, president of the National Iranian American Council, dismissed Trump’s claim that the US had changed the Iranian regime. “Trump hasn’t changed the regime; if anything, he’s honed it to its hardest core. It’s interesting he thinks this clearly false claim is so important to spin. It’s Trump’s way of admitting failure,” Abdi said. Major Asian markets reversed earlier gains following President Trump’s primetime address on the Iran war. Market Drops by Country Reaction to Donald Trump’s address broke cleanly along party lines. Democrats criticised the speech as disconnected from reality, with Richard Blumenthal saying it repeated “grievances and lies” and lacked any real plan, especially on reopening the Strait of Hormuz and handling rising energy costs. Yassamin Ansari also slammed Trump’s “Stone Age” remark, calling it “vile” and highlighting the human cost of such rhetoric. Republicans, however, strongly backed the president. Lindsey Graham said Trump had his full support to continue military action, while Ted Cruz called the speech “exactly right,” framing the operation as a long-term investment in America’s future security. White House officials said they were satisfied with how Donald Trump handled his national address, saying it achieved exactly what they wanted. According to them, the speech was meant to explain why the war was necessary, highlight what they see as military successes so far, and reassure Americans that the end may be near.
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