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Oil Prices Surge, Wall Street Tumbles After Trump Vows Iran Attacks
President Trump says U.S. will continue strikes on Iran despite reduced threat
Apr. 2, 2026 at 12:41pm
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Oil prices jumped more than 10% and U.S. stock futures fell sharply after President Donald Trump said in a national address that the United States will escalate its military campaign against Iran in the coming weeks, even though he acknowledged the Middle Eastern nation is 'really no longer a threat.'
Why it matters
The escalation of the conflict with Iran and the resulting spike in oil prices could have significant economic impacts, including higher gas prices for consumers, increased costs for businesses, and further volatility in the stock market.
The details
In his first national address since the start of the Iran war, President Trump said the U.S. will continue attacking Iran for several more weeks, despite the country no longer posing a major threat. This led to a surge in oil prices, with U.S. crude futures jumping more than 10% to over $110 per barrel. The news also caused a sharp sell-off on Wall Street, with S&P 500 futures down 1.5%, Dow futures down 1.4%, and Nasdaq futures sliding 2% before the market open.
- President Trump delivered his national address on Wednesday, April 1, 2026.
- Oil prices and U.S. stock futures reacted to Trump's comments on Thursday, April 2, 2026.
The players
President Donald Trump
The 45th President of the United States who announced the continued military campaign against Iran.
What they’re saying
“The United States will continue to attack the Middle East nation for a few more weeks even though it is 'really no longer a threat.'”
— President Donald Trump, President of the United States
The takeaway
The escalation of the conflict with Iran and the resulting spike in oil prices could have significant economic impacts, including higher gas prices for consumers, increased costs for businesses, and further volatility in the stock market. This underscores the ongoing geopolitical tensions and their potential to disrupt global energy markets and financial systems.
