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The price of Brent crude, the international benchmark, jumped 5% to $106.22 per barrel, while U.S. crude rose 4.2% to $104.36.
At the same time, Asian stock markets fell significantly. Japan’s Nikkei 225 dropped 1.4% to 53,004.81 points, while South Korea’s Kospi plunged 3.4% to 5,292.36.
Markets in mainland China also opened lower, with losses of up to 1.15% in early trading. In Hong Kong, the Hang Seng Index was down 1.06% by mid-morning.
On the mainland, the Shanghai Composite Index and the Shenzhen Component Index fell 0.53% and 1.15%, respectively, while the CSI 300 declined 0.74%.
Read more about this topic: Iran War: Trump says next attacks will be of “extreme force” (with video)
Elsewhere in the region, Beijing’s smaller stock exchange dropped 2.14%, and Taiwan’s Taiex fell 1.7%.
U.S. futures also slipped more than 0.9%, while gold prices declined 2% to $4,718.9 per ounce.
Markets had previously shown optimism, closing higher on Wednesday amid expectations of a possible resolution to tensions in the Middle East. However, sentiment reversed after Trump’s latest remarks.
In a national address, Trump said: “We will hit them with extreme force in the next two to three weeks. We will send them back to the Stone Age, where they belong. Meanwhile, negotiations continue.”
Read more about this topic: Iran War: Trump says countries without oil must “find their own fuel”
He also expressed confidence that once the conflict ends, the Strait of Hormuz would “naturally reopen,” as Iran depends on oil exports for reconstruction.
Trump further urged countries reliant on oil shipments through the strait—which typically handles around 20% of global supply—to “take care” of the route themselves, adding that the United States does not depend on that oil and gas.
“Go to the strait, take it, protect it, use it,” he said, while again criticizing NATO allies and other countries for not supporting U.S. and Israeli military efforts against Iran.
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