Trump Signals Escalation in Primetime
Address as Allies Reject Hormuz Call
Markets rattle after president offers no exit strategy; Macron calls forced reopening of strait "unrealistic"; over 30 nations convene without the U.S. to discuss shipping crisis
President Trump's primetime address on Tuesday evening failed to calm global anxiety over the Iran war, offering no clear exit strategy and signaling instead that the U.S. would intensify strikes over the next two to three weeks. Markets reversed a brief rally on Wednesday as oil prices surged and stocks sold off sharply — Dow futures fell 670 points, the S&P dropped 1.6%, and the Nasdaq declined 2.1%. The S&P 500 posted its worst quarterly performance since September 2022.
French President Emmanuel Macron declared it "unrealistic" for Trump to urge allies to forcibly reopen the Strait of Hormuz, and more than 30 nations convened virtually on Thursday to discuss measures to restore freedom of navigation — notably without the United States in attendance. Over 100 international law experts signed a statement expressing concerns about violations of international law by all parties.
On the ground, U.S.-Israeli strikes destroyed the B1 bridge near Tehran — described as the tallest bridge in the Middle East — and inflicted what Iranian media called "fundamental destruction" on the Mobarakeh Steel Complex in Isfahan, bringing production to a complete halt. Amnesty International called on all sides to de-escalate strikes on civilian infrastructure. Iran's parliament approved a plan to toll the Strait of Hormuz. An Iranian strike earlier in the week hit a Kuwaiti tanker near Dubai. Gulf states reportedly want the conflict to continue until Iran is no longer a threat, even as Trump told aides privately he is willing to wind things down.