Global Markets on Edge as Trump’s Iran Warning Sends Oil Prices Soaring

Authored By Prime Research | Last Modified: Apr 2, 2026 12:38 PM IST

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Trump vows to hit Iran ‘extremely hard’ within weeks, Crude oil surges 5% on Trump’s defiant tone

In his address to the nation, President Trump declared that U.S. military objectives in Iran are “nearing completion” and that the war could wind down in about two to three weeks, assuming continued pressure and ongoing talks

Trump also struck a defiant tone on energy and global markets, insisting the U.S. will not bear the burden of reopening the Strait of Hormuz and arguing that American strength has forced Iran into a weakened position after a month‑long conflict.

Oil prices jumped over 5% after President Trump’s prime-time address failed to offer a clear timeline for ending the U.S.-Iran war, with Trump vowing to hit Iran ‘extremely hard’ over the coming weeks. The Strait of Hormuz remains largely closed, disrupting an estimated 10–15 million barrels per day of supply — the largest oil supply shock in history by volume.

U.S. equities advanced yesterday for a second straight session as diplomatic signals eased tensions in the Middle East. The S&P 500 gained 0.7%, the Nasdaq rose roughly 1.2%, and the Dow added 224 points, or 0.48%

Shares of Eli Lilly climbed more than 6% after the FDA cleared a new weight-loss medication with no food or water restrictions. Rival Novo Nordisk edged 0.2% lower following the announcement

Nifty staged a relief rally yesterday, gaining 348 points to close at 22,679 on optimism that the war that has jolted global markets and disrupted energy supplies may be nearing a conclusion.

22,283 will act as a key support, while upside resistance looms at 23,000.

Our markets are poised to open nearly 2% lower on rising fears of intensified military action in the coming weeks.

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