After signalling an end to military operations, Trump then pledged that he was going to send Iran “back to the Stone Age, where they belong” with new strikes in the region.
During the low-energy speech, the President told allies who are reliant on Middle Eastern oil to buy American crude or take and protect the Iranian-controlled shipping lane.
In response to US-Israeli strikes, the Iranian regime announced that the shipping lane, which sees 20 per cent of worldwide oil flow, was closed.
They have since struck tankers trying to navigate through the waterway.
In the wake of the address, oil prices shot up nearly 5 per cent to over $105 per barrel.
Shares also tumbled as Trump’s war on Iran continues to decimate the world economy.
Trump said: “I have a suggestion. No. 1, buy oil from the United States of America, we have plenty, we have so much.
“And No. 2, build up some delayed courage – should have done it before, should have done it with us as we asked – go to the Strait and just take it. Protect it. Use it for yourselves”.
The passage of the speech appeared to be a thinly veiled barb at the likes of British Prime Minister Sir Keir Starmer and Spanish Prime Minister Pedro Sanchez, who have both held back support from the US in the war.
The President added that “the hard part is done” in gaining control of the passage.
Trump billed the address as an “update on the tremendous progress our warriors have made in Iran”.
The speech was the first prime-time address that Mr Trump has given since he launched the first strikes on Iran 33 days ago.
The President claimed that the US is on track to “complete all of America’s objectives shortly”/
He told Americans that Iran’s navy, air force, and leaders were all now “gone”, and also claimed their feared ballistic missile stockpile is “just about used up”.
Despite claiming that regime change was not an objective of the US military, Trump again claimed that he had achieved this.
This statement comes despite the new Ayatollah of the Islamic Republic being Mojtaba Khamenei, the son of former Supreme Leader Ali Khamenei.
In the Oval Office on Tuesday, Trump said: “We’ve knocked out one regime. We knocked out the second regime. Now we have a group of people that’s very, that are very different.
“They’re much more reasonable, I think much more – much less radicalised.”
Despite Trump’s claims, the Iranian regime has consistently and strongly denied that negotiations with the US were taking place/
The Republican stated that the objectives of Operation Epic Fury, the Pentagon’s name for the war, “were simple: we are systematically dismantling the regime’s ability to threaten America”.
As a result of his perceived victories, Trump said that operations are set to wind down within “two to three weeks”.
The speech seemed to be partially aimed at growing dissatisfaction with the war domestically.
His approval rating, according to The Economist, has hit -20 since the war began in late February.
“Many Americans have been concerned to see the recent rise in gasoline prices here at home,” the President said.
“This short-term increase has been entirely the result of the Iranian regime launching deranged terror attacks against commercial oil tankers in neighbouring countries.”