US crude tops US$110, Wall Street falls after Trump vows more Iran attacks

Financial markets reversed course sharply after President Donald Trump's Wednesday address, where he promised the US would continue to hit Iran 'extremely hard over the next two to three weeks' without providing a clear end date for the conflict. This declaration shattered investor hopes for a swift resolution, triggering a broad sell-off. The S&P 500 fell 1.1%, with three out of every four stocks in the benchmark index declining. The Dow Jones Industrial Average shed 545 points (1.2%), and the tech-heavy Nasdaq composite dropped 1.6%. The slump extended globally, with major indexes in Europe and Asia also falling.

Crude oil prices were the primary catalyst for the market volatility, soaring past $110 per barrel. The spike is directly tied to the severe curtailment of shipping traffic in the Strait of Hormuz, a critical chokepoint where a fifth of the world's traded oil passes during peacetime. The threat of prolonged military action and supply disruption erased the market's earlier weekly gains, which had been built on optimism for a quick end to hostilities. Trading concluded for the week on Thursday, with markets closed for Good Friday, leaving investors to assess the geopolitical risk over the long weekend.