President Trump delivered a prime-time address about the U.S. operation in Iran, saying the campaign’s “core strategic objectives are nearing completion” and reiterating a two-to-three-week timeline to wrap up major operations. He cited the degradation of Iran’s missiles, drones and navy, accused Tehran of nearing a nuclear weapon (contradicted by U.S. intelligence last year, which said Iran had no active weapons program), and warned the U.S. would “hit each and every one of their electric generating plants very hard and probably simultaneously” if Iran did not reach a deal. He said the military will “hit Iran extremely hard” in the coming weeks and threatened strikes on the oil sector and other infrastructure, saying the goal is to prevent Iran from ever acquiring a nuclear weapon.
Trump urged countries that rely on Strait of Hormuz shipping to “grab it and cherish it” and move to reopen passage for tankers, while suggesting they should buy U.S. oil in the interim. He also claimed Iran had “just asked the United States of America for a CEASEFIRE,” a claim Tehran’s foreign ministry denied. The president blamed rising U.S. gasoline prices on Iranian attacks on commercial oil tankers and neighboring countries, and said U.S. forces have delivered “swift, decisive, overwhelming victories on the battlefield.”
Markets and energy
U.S. stock futures slipped after the address: Dow futures fell nearly 1% and S&P 500 futures about 1.1% in the two hours after the speech. Earlier in the day, stocks had risen on hopes the conflict could soon end. Crude oil futures rose during and after the speech: West Texas Intermediate jumped from about $98 a barrel to nearly $104 by late evening, and Brent Crude rose from just under $100 to about $106. Market moves have been volatile as investors react to shifting assessments of the war’s trajectory and risks to global shipping through the Strait of Hormuz.
Military and operational updates
– CENTCOM reported a large number of strikes and operations, saying more than 155 Iranian vessels have been damaged or destroyed and thousands of targets have been hit, with roughly 13,000 combat flights flown by U.S. forces.
– U.S. officials say two more MQ-9 Reaper drones were lost near Isfahan, bringing the total claimed losses of Reapers in the conflict to 16. Iran’s state outlets and the IRGC have also claimed to have shot down U.S. drones.
– Israeli forces said they carried out a “wide-scale wave of strikes” targeting infrastructure in Tehran; Iranian state media reported blasts in several areas. An early-morning airstrike also appeared to hit inside the former U.S. Embassy compound in Tehran, now controlled by security forces.
– Iran announced new waves of missile and drone attacks at U.S. and Israeli targets in the Gulf; the UAE said its defenses intercepted multiple ballistic missiles and drones. The UAE reported hundreds of intercepts since the campaign began and confirmed casualties from some attacks. Iran-backed Houthi forces in Yemen claimed missile barrages at Israel, and incidents have been reported across the Gulf region, including a tanker off Qatar struck by projectiles.
Regional security and shipping
The Strait of Hormuz, a vital artery for global oil shipments, remains a central flashpoint. Trump has set an April 6 deadline for Iran to reopen the strait to all shipping or face further U.S. strikes. The U.K. announced it will host a virtual summit to discuss reopening the strait and will convene defense leaders to plan post-conflict measures. British Prime Minister Keir Starmer said 35 countries signed a statement committing to work together to restore maritime security. Russia warned any system to regulate Hormuz must involve Iran.
Diplomacy and allies
– Trump criticized NATO for not joining the campaign in Iran and said he is considering whether the U.S. should remain in the alliance; that has drawn rebukes from several European leaders who stressed NATO’s role and cautioned against unilateral withdrawal. A U.S. law passed in 2023 would require congressional approval to end membership.
– NATO Secretary-General Mark Rutte is due to visit the White House next week for talks. The Trump administration has said it will “reexamine” the U.S. relationship with NATO based on allies’ responses to the Iran campaign.
– Iran’s President Masoud Pezeshkian released a letter to the American public asserting Iran is not a threat while warning of consequences for attacks on Iranian infrastructure; he also told an EU official Iran has the “necessary will” to end the conflict if security guarantees are provided.
Civilian and economic fallout
– The war has pushed energy and transport costs higher and is affecting corporate decisions: Air France-KLM raised fuel surcharges on long-haul tickets, and Unilever announced a temporary hiring freeze as companies face uncertainty and rising input costs. Economists warn that if the Strait of Hormuz remains closed, crude prices could spike much higher — scenarios as high as $150–$200 per barrel have been cited by analysts.
– The State Department warned Iranians and Americans in Kuwait that Iran and proxies “may intend to target universities” and urged sheltering in place after a drone strike that earlier in the conflict killed U.S. service members at a facility in Kuwait.
Threats beyond the battlefield
Iran’s Islamic Revolutionary Guard Corps has said it will target 18 U.S. technology and finance companies in the Middle East, naming major firms and warning employees and nearby residents to evacuate. The IRGC has characterized such firms as facilitating U.S. operations and suggested its list of legitimate targets might expand.
Casualties and local effects
Reports from the region include injuries and damage from missile and drone strikes: Israeli emergency services reported multiple wounded in missile strikes, including a child critically injured; Gulf states reported damage to ports, facilities and ships, with some fires extinguished and investigations ongoing. Social and economic disruption continues across affected countries.
Assessments and outlook
Trump and senior U.S. officials portray recent operations as meeting or exceeding benchmarks: destroying ballistic missile and production capabilities, degrading naval power, and preventing nuclear development. Iran’s leadership continues to signal it will negotiate only with guarantees and has downplayed U.S. willingness to launch a ground invasion. The prospect of a negotiated or unilateral wind-down remains uncertain, hinging on Iran’s willingness to reopen Hormuz, accept U.S. terms, and on allied diplomacy. Markets and suppliers will continue to react rapidly to developments on the ground and to statements from Tehran, Washington and key partners.
This account is based on updated statements from the White House, CENTCOM, allied governments, regional authorities and media reports through the evening of April 1, 2026.