Oil prices surged to more than $108 a barrel after US President Donald Trump offered an unclear timeline for ending the war in Iran, and equivocated on whether reopening the Strait of Hormuz is a key US military objective.
In his first prime-time televised address on the conflict, Trump reiterated familiar talking points about his “core objectives” in the war being “near completion,” while announcing that the US will hit Iran “extremely hard over the next two to three weeks.” Trump also reiterated his threats that he would target the country’s power plants if no deal was reached with Tehran. In response, a spokesperson for the Iranian military warned of incoming “crushing, broader, and destructive” attacks.
In his speech, Trump called on allies to “build up the courage” and take the lead on reopening the strait, claiming the US doesn’t need access to it. He earlier lashed out at allies for not supporting the US in the war and said he was strongly considering pulling out of NATO: “I was never swayed by NATO. I always knew they were a paper tiger” Trump told The Telegraph. Meanwhile, the UK will host a meeting today of 35 nations (excluding the US) to discuss safe passage through the strait.