Economic Tensions Surge as Trump Vows Aggressive Stance on Iran

In a 19-minute prime-time address, U.S. President Donald Trump dashed investor hopes for a swift resolution to the Middle East conflict, announcing plans to hit Iran 'extremely hard' in the coming weeks. The declaration sent shockwaves through the markets, reversing recent gains.

Trump urged nations dependent on Gulf oil to assume responsibility for reopening the Strait of Hormuz, amidst what some experts call the worst global energy shock ever. The recent easing in markets experienced a swift reversal, as traders exited risk positions and braced for continued economic distress.

Asia's markets plunged amid fears of stagflation, with major Western markets set to close for Good Friday. Investors hedged against potential weekend escalations, as U.S. treasuries and global futures indicated further declines on Thursday.