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Stocks tumbled worldwide and oil prices increased after President Donald Trump vowed to hit Iran "extremely hard" during the coming weeks in his address to the nation Wednesday (April 1) night, ABC News reports.
The Dow Jones Industrial Average dropped 600 points, equal to 1.3%, while the S&P 500 fell 1.2% and the Nasdaq dropped by 1.6% in the U.S. market on Thursday (April 2). Tokyo's Nikkei 225 index was reported to have declined by 2.3% and pan-European STOXX 600 dropped 1.3%.
Brent Crude Oil, which serves as the primary global benchmark for Atlantic basin crude oils, was reported to be trading at around $109 per barrel on Thursday, while U.S. Crude Oil was estimated to be at around $113, according to NBC News.
Trump praised the American Armed Forces for their "swift and decisive" wins in battle, claiming Tehran's assets had been obliterated and the majority of its leadership had been taken out during his speech Wednesday night.
“Tonight Iran’s Navy is gone. Their Air Force is in ruins. Their leaders, most of them – the terrorist regime they led – are dead,” he claimed via the New York Post. “Their command and control of the Islamic Revolutionary Guard Corps is being decimated as we speak.
“Their ability to launch missiles and drones is dramatically curtailed and their weapons, factories, and rocket launchers are being blown to pieces — very few of them left.
“Never in the history of warfare has an enemy suffered such clear and devastating large-scale losses in a matter of weeks.”
Trump then vowed that the bombardment would continue, despite claiming that the Iranian military was "really no longer a threat."
“We’re going to hit them extremely hard. Over the next two to three weeks, we’re going to bring them back to the stone ages, where they belong,” he said.
Trump then alluded to potential ceasefire talks before threatening to take out Iran's network of electric-generating plants if an agreement couldn't be reached. The president also claimed that the military operation was an "investment" amid criticism over rising gas prices as Iran retaliated by blockading the Strait of Hormuz, which serves as a vital waterway for trade along the Persian Gulf responsible for an estimated 20% of the world's oil supply traveling through.
“This is a true investment in your children and your grandchildren’s future,” Trump said.