--- title: "Trump Threatens Escalation of War Against Iran, Brent Rises 7%, Global Stocks Decline, Silver Drops Over 5% Intraday" type: "News" locale: "en" url: "https://longbridge.com/en/news/281471432.md" description: "Japan's TOPIX index extended its decline to 1.7%; the Korea Exchange triggered a circuit breaker for the KOSDAQ index, suspending program trading for 5 minutes after KOSDAQ 150 index futures fell 6%. Euro Stoxx 50 futures extended losses to 2%, and S&P 500 futures dropped 1.3%. Brent crude futures once surged more than 6.9%, breaking $108 per barrel, while WTI crude rose over 5% to $105.30. Spot silver fell as much as 5.5% intraday to $70.92 per ounce" datetime: "2026-04-02T11:18:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281471432.md) - [en](https://longbridge.com/en/news/281471432.md) - [zh-HK](https://longbridge.com/zh-HK/news/281471432.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/281471432.md) | [繁體中文](https://longbridge.com/zh-HK/news/281471432.md) # Trump Threatens Escalation of War Against Iran, Brent Rises 7%, Global Stocks Decline, Silver Drops Over 5% Intraday Trump delivered a speech on the Middle East conflict, threatening to strike Iran heavily within the next two to three weeks. This caused market optimism for a de-escalation of tensions to quickly evaporate, driving international oil prices significantly higher while global stock markets came under pressure and retreated, with cross-asset volatility surging across the board. On Thursday, Brent crude futures at one point surged more than 6.9%, breaking $108 per barrel, and WTI crude rose over 5% to $105.30. Asian stock indices fell 2.2%, and the Korea Exchange triggered a circuit breaker for the KOSDAQ index, suspending program trading for 5 minutes after KOSDAQ 150 index futures fell 6%. S&P 500 futures dropped 1.3%, and Euro Stoxx 50 futures extended losses to 2%, as the global stock market gains accumulated over the previous two days in anticipation of easing tensions faced reversal pressure. According to Xinhua News Agency, Trump declared a "rapid, decisive, and overwhelming victory" in the conflict against Iran during his speech. The core strategic objectives of the U.S. war against Iran are "nearing completion." He stated that the war against Iran is expected to complete all military objectives in a "very short period of time." "In the next two to three weeks, we will strike them extremely hard... Meanwhile, negotiations are also ongoing." Jumpei Tanaka, Head of Investment Strategy at Pictet Asset Management Japan Ltd., said: "Trump's speech was not what the market was hoping for—a signal pointing toward the end of the conflict. Instead, it suggested that the situation could escalate, which the market interpreted as a negative factor for the stock market." > - Asian stock indices fell 2.2%, Japan's TOPIX index extended its decline to 1.7%, and the Korea Exchange triggered a circuit breaker for the KOSDAQ index, suspending program trading for 5 minutes after KOSDAQ 150 index futures fell 6%. India's Sensex and Nifty indices both fell about 2%, and Pakistan's KSE-100 index fell by as much as 3.2%. > > - Euro Stoxx 50 futures extended losses to 2%, and S&P 500 futures fell 1.3%. > > - The benchmark 10-year U.S. Treasury yield rose 6 basis points to 4.37%, with bond prices falling as inflation concerns intensified. > > - The Indian rupee strengthened 1.7% against the U.S. dollar, bucking the trend. > > - Gold and silver failed to benefit from safe-haven sentiment, with gold falling about 2% to approximately $4,660 per ounce, and spot silver falling 5.5% intraday to $70.92 per ounce. > > - Brent crude futures at one point surged more than 6.9%, breaking $108 per barrel, and WTI crude rose over 5% to $105.30; > > - Bitcoin fell 2.6% to approximately $66,400. > ## Stock Markets Retreat as Hopes for Clear Signals Fade Prior to Trump's speech, earlier statements about "ending the war within two to three weeks" had boosted market expectations, leading to a two-day winning streak for global stocks. However, the content of the speech caused the optimism to recede rapidly. Asian stock indices fell 2.2%, India's Sensex and Nifty indices both dropped about 2%, and Pakistan's KSE-100 index fell 3.2%; Euro Stoxx 50 futures extended losses to 2%, and S&P 500 futures fell 1.3%. **The Korea Exchange triggered a circuit breaker for the KOSDAQ index, suspending program trading for 5 minutes after KOSDAQ 150 index futures fell 6%.** **** Nick Twidale, Chief Market Analyst at AT Global Markets, stated: "The market was desperate for a clear signal of when the conflict would end, but this speech only added more uncertainty. Investors are clearly disappointed, and global markets may face further downside pressure today." Ken Wong, Asian Equity Portfolio Specialist at Eastspring Investments Hong Kong Ltd., pointed out: "While all parties hope to move past this shadow as soon as possible, there is still much to digest from the impact of the Middle East situation over the past month. The key question is how much of a ripple effect these developments will have on the global economy over the coming quarters." ## Safe-Haven Sentiment Rises, Dollar Strengthens While Gold Faces Pressure Cross-asset volatility climbed across the board following the speech. The U.S. dollar strengthened due to wartime safe-haven demand, further consolidating its status as the preferred safe-haven currency; the benchmark 10-year U.S. Treasury yield rose 6 basis points to 4.37%, as bond prices fell with intensifying inflation concerns. Gold and silver failed to benefit from the safe-haven sentiment, with gold falling about 2% to approximately $4,660 per ounce, and silver dropping 4.4%. Bitcoin fell 2.6% to approximately $66,400. The Indian rupee strengthened 1.7% against the U.S. dollar, bucking the trend, after the Reserve Bank of India intervened to suppress speculative trading, though Indian government bond prices fell simultaneously. ### Related Stocks - [Occidental Petroleum Corporation (OXY.US)](https://longbridge.com/en/quote/OXY.US.md) - [BP p.l.c. 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