Iran-US Conflict Escalates as Trump Vows to Intensify Military Strikes

The ongoing conflict between Iran and the US has taken a turn for the worse after President Trump's speech on Wednesday evening, where he vowed to intensify military strikes against Iran. This move has sent oil prices surging over $100 per barrel, causing economic strains across Asia and expected to affect Europe soon.

Brent crude prices jumped by about 7.5% to more than $108 per barrel, while US stock futures fell 1.3%. Asian bourses were also in the red, with Japan's Nikkei down 2.4% and MSCI's index of other Asia-Pacific shares down over 2%.

Russel Chesler, Head of Investments and Capital Markets at VanEck Australia, said Trump's speech did not inspire confidence in the markets, as investors are still waiting for a clear timeline on when the conflict will end.