Crude oil climbed above $103 a barrel while Bitcoin dropped to around $66,904 following a national address by US President Donald Trump on Wednesday, in which he pledged to strike Iran ‘extremely hard’ over the coming weeks. The remarks, delivered from the White House, sent fresh volatility through energy and cryptocurrency markets that have been sensitive to Middle East developments for months. Oil had briefly eased on Tuesday after Trump suggested the conflict could wrap up soon, but his latest speech reversed that trend.
During the address, Trump stated that the US military is ‘very close’ to completing what he called Operation Epic Fury, claiming the campaign has eliminated Iran’s nuclear and naval capabilities while also severely degrading its drones, missiles, and weapons manufacturing infrastructure. He also indicated that discussions between the two sides remain ongoing, suggesting a diplomatic resolution has not been ruled out. The president warned, however, that key targets remain in sight if no agreement is reached within the current window.
Both parties have put forward conditions for ending the conflict. The US is demanding that Iran dismantle its nuclear programs, open commercial shipping lanes, and cease support for proxy groups operating across the region. Iran, for its part, is seeking a permanent end to hostilities, financial compensation for war damages, and a full withdrawal of US military forces from the area.
The conflict escalated in February after the US and Israel launched strikes against Iran, prompting Tehran to lead a blockade of the Strait of Hormuz, one of the world’s most critical shipping corridors for oil supply. The blockade has contributed to elevated energy prices and broader market instability in the months since. Trump argued during his speech that Iran would eventually lift the blockade on its own in order to resume oil exports and begin rebuilding its economy.
‘When this conflict is over, the strait will open up naturally,’ Trump said. ‘They’re going to want to be able to sell oil because that’s all they have to try and rebuild. It will resume flowing and the gas prices will rapidly come back down. Stock prices will rapidly go back up.’ The president expressed confidence that equity markets would recover as the situation begins to stabilize.
At the time of the address, crude oil was trading at $103.59 per barrel, while Bitcoin had declined roughly 2% from earlier levels. Stocks, oil, and crypto assets have all experienced notable swings tied to the progression of the Middle East conflict over recent months. The interplay between geopolitical developments and financial markets continues to be closely watched by investors as both sides navigate the terms of a potential settlement.
Originally reported by CoinTelegraph.
