Crude oil prices moved back above $100 per barrel while Bitcoin fell after US President Donald Trump delivered a national address on the ongoing conflict in Iran, signaling further military action in the coming weeks.

Speaking from the White House on Wednesday, Trump said US forces are nearing the completion of “Operation Epic Fury,” claiming that Iran’s nuclear and naval capabilities have been largely neutralized, along with significant disruption to its drones, missile systems and weapons production.

“I can say tonight that we are on track to complete all of America's military objectives shortly. Very shortly, we are going to hit them extremely hard over the next 2 to 3 weeks.”

Market reactions were immediate. Oil, which had eased earlier in the week after comments suggesting a potential resolution, surged again following the speech. At the time of writing, crude prices had climbed above $100 to around $103.59 per barrel.

Bitcoin (BTC) also reacted to the announcement, initially dropping about 1% during the address before extending losses to around 2%, trading near $66,500.

Ongoing negotiations add uncertainty

Despite the escalation in rhetoric, Trump indicated that discussions between the two sides are still underway. Both the United States and Iran have outlined key conditions for ending the conflict.

Washington is calling for Iran to dismantle its nuclear program, reopen key commercial shipping routes and halt support for regional proxy groups. Iran, in turn, is demanding a permanent ceasefire, compensation for damages and the withdrawal of US military presence from the region. “The new group is less radical and much more reasonable. Yet, if during this period of time no deal is made, we have our eyes on key targets,” Trump claimed.

Oil supply disruption remains central issue

Tensions in the region have been building since February, when US and Israeli forces launched strikes against Iran, prompting Tehran to respond by restricting access to the Strait of Hormuz, a critical global oil transit route.

Trump suggested that the blockade is likely to end as the conflict winds down, arguing that economic pressures will push Iran to restore oil exports.

"And in any event, when this conflict is over, the strait will open up naturally. It'll just open up naturally. They're going to want to be able to sell oil because that's all they have to try and rebuild. It will resume flowing and the gas prices will rapidly come back down. Stock prices will rapidly go back up," he said.

He added that markets, including equities, are expected to recover once the situation stabilizes, with lower energy prices supporting broader economic conditions.

Sources:

https://cointelegraph.com/news/trump-is-going-to-give-a-key-address-about-iran

https://tradingeconomics.com/commodity/crude-oil

https://x.com/i/broadcasts/1yKAPMqQdPMxb