President Donald Trump, in his prime-time address, said U.S. war aims in Iran were “nearing completion” but offered no exit plan, instead warning strikes could continue for another two to three weeks and again pushing other countries reliant on Gulf oil to help reopen the Strait of Hormuz. The message points to continued military pressure without a diplomatic path out, keeping energy markets on edge even as Washington signals the campaign is close to done. In Asia, some countries stand to benefit: Malaysia may capture some upside through higher oil and gas revenue and priority shipping access, while China is better insulated than Japan, South Korea, and Taiwan because it has more domestic supply and pipeline alternatives. Europe, however, is preparing for another energy shock, with governments reviving crisis measures, securing alternative supplies, and weighing intervention to contain fuel costs.
EQUITY
President Trump's prime-time address erased de-escalation efforts in the Middle East, dragging futures markets after 2 consecutive winning days. The selloff was magnified by thin pre-holiday trading ahead of the Good Friday market closure, leaving traders less time to consider further geopolitical surprises over the long weekend. Micron and SanDisk, along with other chipmakers, gained as risk-on returned and demand for memory chips proved to be solid.
GOLD
Gold prices collapse to around $4,555, snapping a four-day rally after Trump offered no clear exit from the Middle East conflict. Rising oil prices push traders to scrap bets on 2026 rate cuts, a headwind for non-yielding bullion. Silver melted over 7% as precious metals broadly retreated, suspected to be used as exit liquidity. Still, gold is on track to a weekly gain near 5%, though profit-taking ahead of the Easter long weekend did not help.
OIL
Oil ripped higher after Trump vowed to hit Iran "extremely hard", reopening the Pandora's Box that most analysts say will be boots on the ground soon. UOB sees prices easing back toward $100, while SocGen warns of $125 averages and even $150 spikes if the blockade holds. Markets are pricing in chaos, not calculus, and with Trump saying the war could end "very shortly" but also threatening to crush Iran's power grid, nobody's betting on calm anytime soon.
CURRENCY
Investors scrambled for the dollar, wiping out two days of losses in a single session. The dollar index surged back above 100, while the euro and sterling each shed roughly 0.5% as safe-haven flows overwhelmed earlier optimism. Commodity currencies bore the brunt; the Aussie and Kiwi dived 0.7% to two-month lows, and the yen slipped toward the 160-per-dollar line that has Japanese officials on high alert.
