Published by Global Banking & Finance Review®
Posted on April 2, 2026
2 min readLast updated: April 2, 2026
Add as preferred source on GoogleStocks and oil prices modestly moved ahead of Trump’s primetime speech on April 2, 2026, as markets brace for potential U.S. withdrawal from Iran and easing of tensions in the Strait of Hormuz. Investors await clarity on timelines and regional stability.
By Ankur Banerjee
SINGAPORE, April 2 (Reuters) - Stocks fell, the dollar firmed and oil rose on Thursday after U.S. President Donald Trump said Washington's "core strategic objectives" in the Iran war were nearing completion but stopped short of providing a clear outline of when the conflict would end.
The prospect of the end to the month-long U.S.-Israeli war with Iran has lifted global stocks and knocked the dollar off its recent highs in the past two sessions after a brutal March where soaring oil prices sent risk assets into a tailspin.
But Trump, in his prime-time speech, said the U.S. will strike Iran "extremely hard" over the next two to three weeks and hit the country into the "Stone Ages."
That sent stocks retreating, with U.S. stock futures down 0.67% while European futures were 0.1% lower.
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.75%. Japan's Nikkei reversed course to trade down 0.79% in volatile trading.
Analysts and investors were focusing on when and how the Strait of Hormuz, a major fuel shipment route, would reopen and ease the bottleneck in supply that has hit Asian economies hard.
Iran has fired repeatedly on Gulf countries, some home to U.S. bases, and is using the Strait of Hormuz, which carries a fifth of global oil and liquefied natural gas, as leverage.
Higher energy prices in March stoked fears of global inflation with worries about slowing growth also sapping sentiment.
The U.S. dollar has been the haven of choice among investors during the tumult and the greenback rose against most currencies after the speech.
The euro weakened 0.25% to $1.156. The front-month Brent contract for June rose over 3% to $104.75 per barrel.
(Reporting by Ankur Banerjee in Singapore; Editing by Stephen Coates and Lincoln Feast)
Stocks inched higher ahead of the address, with Asian markets making small gains after a strong previous session on hopes of a ceasefire.
The conflict caused oil prices to soar and sent risk assets into a tailspin in March, but anticipation of its end has helped stabilize markets.
The US dollar softened as prospects for a ceasefire increased, reflecting a shift away from safe-haven assets.
The Strait of Hormuz is a critical fuel shipment route, carrying a fifth of global oil and LNG; its reopening could ease supply bottlenecks.
Analysts are looking for clarity on the timeline for a US exit, the reopening of shipping routes, and possible Iranian responses.
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