Trump's Speech Sparks Global Market Turmoil

Global markets plummeted Thursday as uncertainty over Iran's conflict with the US deepened. Stocks slid, oil surged, and the dollar firmed after President Donald Trump's speech failed to provide clarity on when the Middle East crisis might end.

The front-month Brent contract for June jumped 5% to $106.16 per barrel as investors found little reassurance in Trump's address. The conflict has been ongoing for a month, with Iran firing repeatedly at Gulf countries and using the Strait of Hormuz as leverage.

Investors were hoping for guidance on when the key oil gateway would reopen, but Trump's speech offered no such assurance. 'We have no additional certainty or clarity around timeline from this address,' said Jon Withaar, senior portfolio manager at Pictet Asset Management in Singapore.

The US dollar rose against most currencies following the speech, while the euro weakened 0.25% to $1.156. Trump's comments also rekindled concerns over stagflation, a toxic mix of high inflation and weak growth that roiled markets in March.