President Trump told the nation Wednesday that U.S. forces will strike Iran “extremely hard” over the next two to three weeks even as he said the campaign is nearing its objectives; his remarks left markets unsettled and oil prices surging. Diplomats from more than 40 countries held talks about reopening the Strait of Hormuz — without direct U.S. participation — while several countries reported new missile and drone exchanges across the region. The fighting has produced major economic shocks and a flurry of diplomatic activity, with international officials warning the conflict could spread and civilian sites reportedly struck in and around Tehran.
Key Takeaways
- President Trump said the U.S. will continue “extremely hard” strikes for two to three more weeks and that military objectives will be completed “very shortly.”
- Brent crude and U.S. benchmark crude jumped more than 6–12% in early trading; one report cited Brent at $109.35 and U.S. crude above $113 per barrel at a recent peak.
- U.S. markets opened lower: the Dow fell about 630 points, the S&P 500 dropped 97 points (≈1.5%), and the Nasdaq slid roughly 2.1% after renewed geopolitical uncertainty.
- Diplomats from 40+ countries met virtually to discuss reopening the Strait of Hormuz; the United States did not attend the session.
- Iran and allied forces have reported shooting down dozens of drones; Iran claimed two MQ-9 Reapers destroyed on Thursday and an overall tally of 154 U.S. and Israeli drones since the war began.
- U.N. Secretary-General Antonio Guterres warned the conflict risks expanding into a wider regional war with global consequences.
- Austria has refused U.S. requests to use its airspace since the campaign began, citing neutrality laws, the Austrian defense ministry said.
Background
The current U.S.-Israeli campaign against Iran began on Feb. 28 and has since produced repeated missile, drone and air strikes across the Persian Gulf and inside Iran. Tehran responded with waves of ballistic missiles and armed drones targeting Israel and U.S. partners in the region, prompting air-defense engagements by the UAE, Jordan and Saudi Arabia. The fighting has disrupted commercial shipping through the Strait of Hormuz, a crucial chokepoint that connects Persian Gulf oil exports to global markets.
Political leaders and regional intermediaries have tried to open diplomatic channels while military operations continue. Pakistan has positioned itself as a venue for potential dialogue and said it has backing from several Gulf and regional powers. At the same time, allied groups and militias in Iraq and Lebanon have increased attacks and counterstrikes, drawing Israel into more intense operations along its northern border with Lebanon and expanding humanitarian consequences there.
Main Event
In a prime-time address Wednesday, President Trump framed recent operations as “overwhelming victories” but offered no precise end date, saying the U.S. will sustain heavy pressure for weeks to come. His speech followed a month of U.S.-Israeli strikes that U.S. officials say have degraded Iran’s long-range strike and air-defense capabilities; Iranian leaders reject that assessment and vow continued retaliation. Markets reacted quickly: crude oil surged and global equities retreated amid renewed uncertainty about supply and escalation.
On Thursday, Iran reported that U.S.-Israeli strikes again hit a bridge near Karaj, west of Tehran, with state media saying an earlier strike killed two people and that a follow-up hit rescue operations at the site. Iranian authorities also said the Pasteur Institute in Tehran, a long-standing medical research center, was attacked — a claim denounced by Iranian officials as an assault on international public health infrastructure. CBS News has sought comment from U.S. Central Command on the institute report.
Regional air defenses remained active: the UAE reported intercepting 19 missiles and 26 drones on Thursday, Jordan said it intercepted a missile, and Saudi Arabia reported downing at least four drones earlier that morning. Meanwhile, Iran’s military claimed to have shot down two U.S. MQ-9 Reaper drones near Shiraz; U.S. officials told media the military has lost a total of 16 MQ-9s since the conflict began.
Analysis & Implications
Economically, the immediate impact is clear: higher oil prices and volatility in equity markets. The Strait of Hormuz handles a sizable share of world seaborne oil exports, and disruptions there lift premiums on crude benchmarks. Even a short-term blockade or slower transit raises costs for refiners and importers across Asia and Europe and can feed through to inflation, trade balances and central-bank calculations.
Militarily, both sides appear to be shaping narratives about damage and capability. U.S. and Israeli officials emphasize degradation of Iranian systems; Tehran highlights continued strikes and claims of successful interceptions. Independent verification of some battlefield claims remains limited, which complicates outside assessments of how rapidly either side can sustain operations or force negotiations.
Diplomatically, the U.S. decision not to attend the 40-plus-nation meeting on the Strait of Hormuz signals a divergence with partners pursuing primarily political and diplomatic solutions. Britain and other nations framed the meeting as an effort to reopen the waterway without escalatory military commitments, while the U.S. publicly encouraged regional states to secure the passage themselves, a stance that could shift burdens to Gulf countries and their navies.
Comparison & Data
| Measure | Recent change | Snapshot |
|---|---|---|
| Brent crude | +6.9%–8.1% | $108.15–$109.35 per barrel |
| U.S. crude (WTI) | +6.4%–12.9% | $106.55–$113.03 per barrel |
| Dow Jones | -630 points (~1.4%) | decline at open |
| S&P 500 | -97 points (~1.5%) | decline at open |
| Nasdaq | -2.1% | decline at open |
The table shows multiple market snapshots reported as the story developed; crude benchmarks and stock indices swung sharply as investors re-priced geopolitical risk. Markets also faced regional holiday schedules and thin trading ahead of Good Friday, which can accentuate moves.
Reactions & Quotes
International institutions and leaders issued urgent warnings and appeals while regional capitals continued defensive actions.
“We are on the edge of a wider war that would engulf the Middle East with dramatic impacts around the globe.”
Antonio Guterres, U.N. Secretary-General
Guterres urged an immediate halt to U.S.-Israeli strikes on Iran and Iranian attacks on neighboring states, saying the conflict had already exceeded limits that leaders once considered unimaginable.
“We have seen Iran hijack an international shipping route to hold the global economy hostage.”
Yvette Cooper, U.K. Foreign Secretary
Cooper opened a virtual meeting of diplomats from more than 40 countries focused on political and diplomatic steps to reopen the Strait of Hormuz; the United States did not take part in that session. The U.K. framed the gathering as evidence of international resolve to restore commercial transit.
“Locked, loaded and standing tall.”
Mohammad-Bagher Ghalibaf, Speaker of Iran’s Parliament
Ghalibaf’s remarks, directed in tone toward the American public, said millions of Iranians had volunteered to defend the country and framed Iran’s mobilization as defensive rather than expansionist.
Unconfirmed
- Exact attribution and timing for every reported strike and drone loss remain unclear; some U.S. and Iranian accounts may refer to the same incidents under different locations.
- Claims that the Pasteur Institute attack was conducted by U.S.-Israeli forces are reported by Iranian officials but have not been independently verified by international observers.
- President Trump’s assertion that Iran’s military capacity is “essentially decimated” contrasts with Iranian statements promising continued capability; independent battlefield verification is limited.
Bottom Line
The conflict between the U.S.-Israeli coalition and Iran remains active and unpredictable. President Trump’s pledge of intense operations over the next two to three weeks appears designed to sustain pressure while signaling a nearing conclusion, but the absence of clear, mutual diplomatic commitments keeps the risk of further escalation high.
Markets and regional governments are already adjusting: oil prices spiked, stock indices dipped, and dozens of nations are discussing non-military steps to restore commerce through the Strait of Hormuz. Absent a credible, verifiable de-escalation pathway, economic disruption and local humanitarian harm are likely to continue in the near term.
Sources
- CBS News — Live Updates (news media)
- Agence France-Presse (AFP) (news agency reporting on Austria airspace response)
- United Nations — Secretary-General statements (official/United Nations)
- U.S. Department of State — Rewards for Justice (official/U.S. government)
- Associated Press — Iranian presidency materials and imagery (news agency)