The Latest: Oil prices surge, stocks fall with Trump offering no clear end to war
President Donald Trump said U.S. forces will keep hitting Iran “extremely hard over the next two or three weeks” and bring the country “back to the Stone Ages,” even though he argued that all of his administration’s military objectives have been met or exceeded.
Trump didn’t say anything in his Wednesday night address about negotiations with Iran or mention his latest deadline of April 6 for Iran to open the Strait of Hormuz, the critical waterway for global oil and gas transport. He has threatened to attack Iran's energy infrastructure if the strait was not reopened.
Trump also did not offer a clear path to end the supply disruptions that have sent energy prices soaring around the world. Instead, he urged countries dependent on supplies that normally move through the strait to go out and “grab it” themselves.
Oil rose more than 7% and stocks fell in Asia and Europe after the comments. U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 on Tuesday, as higher fuel prices raise food costs worldwide.
Here is the latest:
Over the past 24 hours, Israeli strikes killed 27 people and wounded 105, the Lebanese health ministry said Thursday.
The ministry said that overall, strikes have killed 1,345 people, including 125 children and 91 women, since Israel launched intense airstrikes across Lebanon after the Hezbollah militant group fired rockets toward northern Israel in solidarity with Iran on March 2. The strikes have also wounded 4,040 others.
Among those killed are 53 health workers, while Israeli strikes have targeted 82 emergency medical service facilities, the health ministry said.
So far, more than one million Lebanese have been displaced as Israeli ground forces continue their invasion into southern Lebanon.
An engineer living in Tehran said Trump’s threats to bring Iran back to the Stone Ages show he doesn’t care about the Iranian people.
The engineer, who has been in touch with The Associated Press before, said Thursday that Trump’s comments left him feeling “disgusted” and enraged, as it shows intent on destroying not the Islamic Republic regime but the country’s infrastructure and culture.
“He really doesn’t care about the people of Iran. He really doesn’t care about the future,” said the engineer, speaking anonymously for fear of reprisals from Iranian authorities for speaking to foreign media.
The engineer said he for one is taking the threats seriously, anticipating a ground invasion that will be a “bigger predicament” for the invading troops and will set Iran back years.
Abdul Malik al-Houthi, leader of the Iran-backed Yemeni rebel group, said Thursday that his group took part in joint operations against the U.S. and Israel by launching missile and drone strikes this week.
“We will not stand idly by while the enemy achieves its goals, nor will we leave all the burdens on others as if we are not concerned,” he said during a televised speech.
Al-Houthi praised Iranian attacks that targeted U.S. and Israeli interests in the region such as crucial military bases and operations, saying joint operations would continue. He also expressed support for the Islamic Republic’s regime, and called for solidarity rallies in Sanaa on Friday.
Stocks are dropping and oil prices are soaring as the world reacts to Trump’s vow to continue attacking Iran without a clear timetable for ending the conflict.
The S&P 500 fell 1.2%, the Dow sank 600 points and the Nasdaq dropped 1.7% after U.S. markets opened Thursday. The price of U.S. crude oil jumped more than 10% to above $110.
In his first national address since the Iran war began, Trump did not mention the looming deadline he set for Iran to open the Strait of Hormuz, the critical waterway for global oil and gas transport. Thursday is the last day of trading on Wall Street this week with with the stock market closed on Good Friday.
Iranian state television aired video Thursday showing members of the paramilitary Revolutionary Guard putting messages denouncing Trump on missiles they prepared to launch.
One of the messages read, in part: “Thank you to all those who, even in America itself, condemn the war wage by the CRIMINAL GANG IN THE WHITE HOUSE.”
Another referenced Jeffrey Epstein.
“We will spare no effort to mobilize Arab and international support,” Nawaf Salam said Thursday, calling for intensified diplomatic efforts to stop the war.
Beirut has sought to implement provisions of the U.S.‑brokered ceasefire of November 2024 requiring the Lebanese state to have a monopoly on arms and prevent Hezbollah and other non-state armed groups from conducting military operations. Lebanon’s cabinet in March 2026 banned Hezbollah’s military activities and demanded it hand over its weapons, and Lebanese authorities and the army said they completed a first phase of disarming Hezbollah south of the Litani River.
But that hasn’t stopped Hezbollah from repeatedly firing into Israel from southern Lebanon in the month since Israel began its latest attacks on Iran.
“Nothing reinforces linking the conflict on our land to the wars of others” more than reports of “joint and simultaneous operations,” he said, referring to the cross-border fire, supported by Iran, that provoked Israel’s overwhelming response. Salam said Lebanon is “the victim of a war whose outcomes or end date no one can predict.”
Nawaf Salam warned Thursday that Israeli statements and military actions point to “a significant expansion in the occupation of Lebanese territory, dangerous talk of establishing buffer zones or security belts, and displacement that has exceeded more than one million Lebanese.”
“It has become clear that the Israeli aggression against Lebanon will not be limited” to ongoing operations since the November 2024 ceasefire,” Salam said in a public statement following a cabinet session.
Israel, for the past 16 months, even before the renewed conflict with Hezbollah, struck southern Lebanon almost daily, targeting what it says were Hezbollah members and infrastructure.
Israel announced last week that it would enlarge a “buffer zone” up to the Litani River, effectively occupying an estimated 10% of Lebanon. Prime Minister Benjamin Netanyahu said Sunday that he ordered Israel’s military to “further expand the existing security zone” to counter Hezbollah rocket fire.
As diplomats from more than 40 countries met to discuss ways to reopen the Strait of Hormuz, U.K. Foreign Secretary Yvette Cooper said the talks show “the strength of our international determination” to reopen the vital oil route.
She told officials attending the virtual meeting that “we have seen Iran hijack an international shipping route to hold the global economy hostage.”
Thursday’s talks are focusing on political and diplomatic measures, but Cooper said military planners from an unspecified number of countries will also meet to plot ways to ensure security once the fighting ends, including potential mine-clearing work and “reassurance” for commercial shipping.
The U.S. is not attending the meeting, which comes after Trump made clear that he thinks securing the waterway is not America’s job.
A famous Iranian human rights lawyer has been detained by authorities without any explanation, her daughter said Thursday.
Nasrin Sotoudeh was detained in Iran Wednesday night, her daughter Mehraveh Khandan wrote on Instagram. She said authorities also seized electronic devices in their raid.
Sotoudeh received the prestigious Sakharov Prize for Freedom of Thought by the European Union in 2012. Her previous clients include Nobel laureate Shirin Ebadi.
Trump has repeatedly criticized NATO and again raised the idea of leaving the alliance during a private lunch Wednesday. But any withdrawal would require congressional approval — a prospect Senate Majority Leader John Thune said Thursday would be difficult.
“We got an awful lot of people who think that NATO is a very critical, incredibly successful post-World War II alliance,” Thune said of past conversations among Republicans about the move.
“I think in the world today, you need allies,” he added.
Emmanuel Macron said the United States cannot complain about a lack of support from allies after deciding to launch the Iran war without consultation.
“They can hardly complain afterward that they are not being supported in an operation they chose to undertake alone. This is not our operation,” Macron told reporters Thursday in Seoul, South Korea. “What we want is for peace to be restored as quickly as possible.”
Macron also addressed criticism of NATO by Trump, who has said he’s considering pulling the United States out of the alliance.
“When you have committed to an alliance, you live up to those commitments. You do not comment on them every morning. And the day there is a problem, you are there,” Macron said.
Iran’s parliament speaker claimed Thursday that 7 million Iranians stand ready to fight any U.S. ground invasion of the Islamic Republic.
Mohammad Bagher Qalibaf, who has been discussed as a possible negotiating partner with the U.S., has offered a series of online posts challenging America since the war’s start.
“Right now, in less than a week, a powerful national campaign sweeping the country has brought forward around 7 million Iranians who have already stepped up and declared they’re ready to pick up arms and stand in defense of our nation,” he wrote on X.
This claim has been circulating on social media accounts for days. Qalibaf is the first high-ranking official to mention it in Iran, a nation home to some 90 million people.
It is unclear where this figure comes from, but state media and text message campaigns have urged people to volunteer. The government has also called on retired soldiers to express their interest in fighting, while the paramilitary Revolutionary Guard’s all-volunteer Basij force has begun accepting children as young as 12 into its ranks.
Ship traffic through the Strait of Hormuz remains a trickle compared to before the Iran war, with remaining tanker traffic dominated by sanctions-evading tankers carrying Iranian oil, according to the Lloyd’s List Intelligence shipping data firm.
Traffic through the Strait is down 94% compared to a year ago.
Iran is enforcing its so-called “toll booth” screening system in which vessels must deviate from the usual shipping channel in the middle of the strait and detour north around Iran’s Larak Island.
Vessel operators are being asked to contact approved intermediaries of Iran’s Islamic Revolutionary Guards Corps and provide information on ownership, cargo and crew before being allowed to pass.
Despite the nickname, only two of the at least 63 ships that have taken the Larak Island route are confirmed to have paid, while others appear to have passed based on diplomatic intervention from home governments.
In Iran’s capital, Tehran, people told The Associated Press on Thursday they remain concerned about Trump’s threats to bomb power plants.
“I see darker and bitter days if there is no electricity, then gas stations and water supply will stop,” said 33-year-old taxi driver Hassan Ramati. “I think daily needs like bread will not be available easily too.”
Mahmoud Zarei, a 49-year-old teacher, said the loss of electricity would exacerbate the problems Iranian face.
“This makes us, the people, weaker and I remember many governments continued their ruling for long time under similar situation like (Bashar) Assad in Syria and Iraq under Saddam Hussein,” he said.
Azita Mottaghi, a 43-year-old mother of two, darkly joked: “Is the outage a bonus after a month of war?”
“So far, we have suffered a lot,” she said. “Many lost their beloved ones and belongings, bombings abound, things like airports and bridges have collapsed and there’s a spike in prices.”
Barber Hamid Hassanzadeh, 27, joked: “I see Trump does not care about his haircut style but how can I run my haircutting machine without electricity?”
French President Emmanuel Macron said France considers it “unrealistic” to reopen the Strait of Hormuz through a military operation.
“There are people who advocate the idea of the reopening of the Strait of Hormuz by force, through a military operation, a position that has at times been expressed by the United States,” Macron told reporters Thursday during a visit to South Korea. “That has never been the option we have chosen, and we consider it unrealistic.”
Macron said a military operation “would take an infinite amount of time and would expose anyone passing through the strait to coastal threats from (Iran’s) Revolutionary Guard, who has capabilities, ballistic missiles and many other risks.”
The reopening of the Strait “can only be done in coordination with Iran,” through negotiations that would follow a potential ceasefire, Macron said.
France is pushing for an international mission involving European and non-European nations to escort oil and gas tankers and reopen the Strait of Hormuz after the most intense phase of the conflict is over.
Catholic leaders on Thursday led prayers in a Jerusalem church without public attendance as the city’s major holy sites continue to be closed due to the ongoing Iran war.
The Latin Patriarch, Cardinal Pierbattista Pizzaballa, led Holy Thursday prayers at the Church of the Holy Sepulcher in Jerusalem without public attendance.
“There is a tension we cannot ignore: outside, the doors of the Holy Sepulcher are closed. War has turned this place into a refuge, an inside cut off from an outside weighed down by tension. We are here as within a womb of peace, while the world around us is being torn apart, and we wish we could change all of this,” said Pizzaballa.
Israel’s police said it approved a “limited prayer framework” for the church, which announced that the rest of Holy Week will be limited to a number of clergymen and church staff.
In the town of Zebdin in the Nabatiyeh province, an airstrike hit a four-story residential building, killing a municipal council member, his brother and their mother, the National News Agency said Thursday.
Elsewhere, an Israeli strike on the town of Ramadiyeh in the Tyre district killed four people and wounded three others, Lebanon’s health ministry said.
Iraq has begun exporting fuel oil by land through Syria, with 178 tankers reaching the Banias terminal from a planned 299-truck shipment, officials said Thursday.
Iraq’s Oil Ministry said the move aims to support state revenues and maintain exports amid rising risks to Gulf shipping.
The trucks transit via the Tanf crossing to Syria’s Mediterranean coast, bypassing Iraq’s main southern hub at Basra.
The ministry said volumes will expand gradually, citing coordination with Syria despite infrastructure constraints.
Syria’s state TV also reported the arrival of the oil tankers at Banias.
Iraq has previously resumed crude exports via Turkey’s Ceyhan port.
Pakistan’s Ministry of Foreign Affairs said Thursday that Islamabad is ready to host talks between the United States and Iran to help end the regional conflict, though no dates have been finalized and the two sides will decide the timing.
At a news conference, ministry spokesperson Tahir Andrabi said it is up to Washington and Tehran to determine when they are ready to come to the negotiating table.
On its part, he said, Pakistan remains optimistic about a peaceful settlement of the conflict.
“Both Iran and the U.S. have expressed their confidence in Pakistan to facilitate these talks,” Andrabi said, adding that “we will be honored to host and facilitate these talks between the two sides in the coming days for a comprehensive and lasting settlement of the ongoing conflict.”
The Czech government has approved measures meant to address the rising price of fuel amid the conflict in the Middle East.
Prime Minister Andrej Babiš said that the government will cap the fuel retailers’ margins, starting on April 8.
Additionally, the excise tax on diesel will be lowered by 2.35 koruna ($0.11) per liter) the same day.
Babiš called the current situation “chaos.”
Iran hanged a man over charges stemming from the nationwide protests in January, the judiciary’s Mizan news agency reported Thursday.
The agency identified the executed man as Amirhossein Hatami, 18, who it alleged attacked a military base to seize weapons.
The Human Rights Activist News Agency had identified Hatami as being at risk of execution, describing him as a “political prisoner.”
It said Hatami and others had entered a Tehran base of the all-volunteer Basij militia, an arm of the Revolutionary Guard, after it had been burned, then had been forced into confessions aired on state television.
“These individuals had not played any role in setting the fire or destroying property at the site, but had merely entered a building that had already been set ablaze by others,” it said.
In March, Iran hanged a 19-year-old star wrestler and two other young men, raising alarm among rights groups that a wave of executions may be underway as authorities, facing relentless attacks from the U.S. and Israel, seek to squelch public dissent.
The Philippines got an assurance from Iran’s foreign minister Thursday that its ships, fuel imports and Filipino seafarers would be allowed to pass safely and expeditiously through the Strait of Hormuz, the Department of Foreign Affairs in Manila said.
Iranian foreign minister gave the assurance during a telephone call with Philippine Foreign Secretary Theresa Lazaro, who has requested that Iran designate the Philippines as a “non-hostile country” and ensure the safe passage of its ships and oil shipments through the strategic strait, the foreign affairs department said without elaborating.
“This positive development is vital for the Philippines as it will not only ensure the safety of Filipino seafarers operating in the area but will also help ensure energy security for the country,” Lazaro said in the statement.
The Philippines, a longtime treaty ally of the United States, imports the bulk of its fuel from the Middle East.
China said it is in communication “with all parties” about the need to restore stability in the Strait of Hormuz, and that everyone should work toward that end.
“We believe that an early ceasefire and restoration of peace and stability in the Strait of Hormuz and its adjacent waters is a common aspiration of the international community, and all sides should work toward this end,” said on Thursday China’s Foreign Ministry spokesperson Mao Ning. “China is maintaining communication and coordination with all parties.”
She added that “the root cause of the disruption to navigation in the Strait of Hormuz lies in the illegal military actions taken by the US and Israel against Iran,” and said the way to restore safety in the area is to end the hostilities.
“Military means cannot fundamentally resolve the issue, and an escalation of the conflict is not in the interest of any party,” she said.
China and Pakistan agreed this week to promote a five-point proposal, which includes calls to start peace talks as soon as possible and to guarantee the safety of navigation through the Strait of Hormuz.
Iran’s army chief warned Thursday that should the U.S. military land in the Islamic Republic, “not a single person” will survive among the invaders.
Maj. Gen. Amir Hatami made the comment in a piece aired by Iranian state television.
“The shadow of war must be lifted from our country and there must be security for everyone, because it is not possible for places to be safe and our people to be unsafe,” he said.
Irish Prime Minister Micheál Martin criticized Trump’s vow to bomb Iran “back to the Stone Age.”
Martin said the rhetoric was unacceptable and the Iranian people who are playing no role in the war are entitled to safety.
“Every person involved in war has to prioritize civilian protection and innocent civilians,” he told NewsTalk radio. “We all know that the Iranian regime was a very oppressive one. But this war is creating death, destruction to people in Iran who had no act or part in the regime.”
Martin said it was wrong to threaten civilians, but it was unclear if Trump’s threats were aimed at people or infrastructure.
“(We) could be forever trying to interpret President Trump in terms of what he said and what actually gets done, and that’s always been the feature,” he said.
A spokesman for Iran’s military, reacting to U.S. President Donald Trump’s speech, insisted Thursday that Tehran maintains hidden stockpiles of arms and munitions.
Lt. Col. Ebrahim Zolfaghari, a spokesman for the Iranian military’s Khatam Al-Anbiya Central Headquarters, made the comment.
“The centers you think you have targeted are insignificant, and our strategic military productions take place in locations of which you have no knowledge and will never reach,” he claimed.
Israel and the United States have hit thousands of targets in the weekslong war, targeting military bases, missile launchers and other sites.
Iranian missile fire has dropped, though Tehran is still able to mount attacks.
Oil rose more than 6% and stocks fell after U.S. President Donald Trump said in his national address Wednesday night that the U.S. will continue to hit Iran “extremely hard over the next two to three weeks.”
Brent crude, the international standard, jumped 6.9% to $108.15 per barrel. Benchmark U.S. crude rose 6.4% to $106.55 a barrel.
Tokyo’s Nikkei 225 was down 2.4% to 52,463.27 on Thursday. South Korea’s Kospi lost 4.5% to 5,234.05.
Hong Kong’s Hang Seng fell 1.3% to 24,965.07, the Shanghai Composite index was down 0.9% to 3,913.88.
An airstrike has severely wounded a former Iranian foreign minister who once suggested Tehran could seek a nuclear weapon, Iranian media outlets reported.
The attack Wednesday wounded Kamal Kharazi, 81, and killed his wife, the reports said.
It wasn’t clear if the airstrikes targeted Kharazi or another site nearby.
Kharazi served as a foreign minister for Iran’s reformist President Mohammad Khatami, then as a foreign affairs adviser to the late Supreme Leader Ayatollah Ali Khamenei.
In 2022, he told Al Jazeera that Tehran has “the technical means to produce a nuclear bomb but there has been no decision by Iran to build one,” sparking concern about Tehran’s intentions.
After the war began, Kharazi told CNN: “I don’t see any room for diplomacy anymore. Because Donald Trump had been deceiving others and not keeping with his promises, and we experienced this in two times of negotiations — that while we were engaged in negotiation, they struck us.”
South Korea says it is in close contact with Washington about efforts to address Iran’s control of the Strait of Hormuz.
South Korean Foreign Ministry spokesperson Park Il said Thursday that Seoul supports the swift normalization of the shipping route and is exploring “diverse measures” to protect its citizens and ensure the safe flow of energy supplies.
Park said he couldn’t specify South Korea’s possible options.
U.S. President Donald Trump has urged South Korea and other Asian nations to help reopen the waterway.
At an Easter event Wednesday at the White House, Trump expressed frustration with some Asian countries for not getting involved in opening the strait.
The U.S. Embassy in Baghdad warned citizens Thursday that Iran-linked militias in Iraq “may intend to conduct attacks in central Baghdad in the next 24-48 hours.”
The embassy says the attacks could target “U.S. citizens, businesses, universities, diplomatic facilities, energy infrastructure, hotels, airports, and other locations perceived to be associated with the United States, as well as Iraqi institutions and civilian targets.”
It was not the first statement issued by the embassy urging U.S. citizens to leave Iraq, but the warning about potential attacks was unusually specific.
An American freelance journalist, Shelly Kittleson, was kidnapped in Baghdad on Tuesday and remains missing. No group has claimed responsibility, but U.S. officials have blamed the Iran-backed Kataib Hezbollah militia for her abduction.
South Korean President Lee Jae Myung on Thursday urged the legislature to approve a 26.2 trillion won ($17.2 billion) supplementary budget to mitigate what he called an “extraordinary” energy crisis triggered by the war in the Middle East.
Addressing lawmakers, Lee proposed using the funds to bankroll government-set price caps on oil, which the country has reinstated for the first time in three decades, and provide tiered subsidies of 100,000 won to 600,000 won ($65.7 to $394) to low- and middle-income households struggling with fuel costs.
Lee said the money will also be used to secure stable supply chains for oil and other crucial resources and support export industries.
Lee said the current energy crisis is “not a passing shower, but a massive storm of unknown duration.”
“Even if the war ends tomorrow, it would take considerable time to restore destroyed infrastructure in the Middle East and restore the flow of supplies to previous levels,” he said.
A New York-based think tank said Thursday that U.S. President Donald Trump’s speech suggests he “is willing to leave the Strait of Hormuz off the table, leaving other nations to deal with the consequences.”
“Trump’s message was that the United States can sustain its own economic and energy ecosystem, while countries dependent on regional exports will either have to buy from the United States or manage the Strait themselves,” the Soufan Center wrote.
“While Trump explicitly thanked U.S. allies in the Persian Gulf for their cooperation and allyship, an expedited U.S. withdrawal without securing the Strait will leave many of these countries, whose economies are dependent on energy exports, in the lurch.”
Fuel prices in Thailand soared again on Thursday after the government further cut subsidies, sending diesel price to over 44 baht ($1.35) per liter, about 12% increase.
The surge was the second time in a week, after a majority of fuel prices rose by 6 baht ($0.18) per liter last Thursday.
Democrats are criticizing Trump’s primetimeprime-timeto the American people on the war in Iran as “incoherent” and as doing little to answer “the most basic questions the American people,” according to statements from two Democratic lawmakers released on Wednesday.
Sen. Mark Warner, D-Va., noted that Trump owed Americans more answers about a conflict that has driven up prices on gas “alongside rising prices for diesel, fertilizer, aluminum, and other essentials, with consequences that will continue to ripple through the economy for a long time to come” in his statement.
Meanwhile, Sen. Chris Murphy, D-Conn., released a statement that said the “speech was grounded in a reality that only exists in Donald Trump’s mind.”
Murphy went on to add that “no one in America, after listening to that speech, knows whether we are escalating or deescalating.”
Oil rose more than 4% and Asian stocks fell after U.S. President Donald Trump said in his first national address since the Iran war began that the U.S. will keep hitting Iran very hard.
Trump also said the United States will “finish the job” in Iran and that military operations could wrap up soon.
Tokyo’s Nikkei 225 was down 1.4% to 53,004.81 in early Asia trading on Thursday. South Korea’s Kospi lost 3.4% to 5,292.36. Hong Kong’s Hang Seng fell 0.8% to 25,082.59.
U.S. futures were down more than 0.7%.
Oil prices were sharply higher following Trump’s remarks. Brent crude, the international standard, jumped 5% to $106.22 per barrel. Benchmark U.S. crude rose 4.2% to $104.36 a barrel.
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