In a prime-time address, Trump said the United States would “hit” Iran hard over the next two to three weeks while asserting that core military objectives were nearing completion.

However, the absence of a defined endgame unsettled investors and raised concerns about prolonged disruption to global energy supplies.

South AfricaBenchmark crude prices jumped around 5%, climbing above $106 per barrel, while equity markets declined across major regions as traders reacted to continued uncertainty over the conflict and the closure of the Strait of Hormuz, a critical route for global oil shipments.

Trump reiterated that U.S. forces were “on track” to complete their objectives “very shortly,” and said Iran had been “essentially decimated,” while warning that further escalation remained possible if Tehran did not meet U.S. demands.

He also suggested potential strikes on key infrastructure, including energy facilities. Despite the aggressive rhetoric, diplomatic prospects remain limited. A senior Iranian source told Reuters that Tehran is seeking a guaranteed ceasefire before halting attacks and confirmed that no indirect talks on a temporary truce have taken place.

The ongoing conflict, which began after U.S.-Israeli strikes on Feb. 28, has disrupted global oil flows and heightened geopolitical risk across the Middle East. Iran’s effective blockade of Hormuz has constrained shipments that typically account for about one-fifth of global oil and gas trade, amplifying volatility in energy markets.

Market participants said Trump’s speech failed to reassure investors seeking clarity on how and when the conflict might end, with uncertainty over supply disruptions and military escalation continuing to drive price swings.

International financial institutions, including the International Monetary Fund, World Bank and International Energy Agency, have warned that the war is having significant and uneven global economic impacts, particularly on energy-importing countries.

The announcement comes amid a four-week conflict involving the United States, Israel and Iran that has killed thousands and disrupted global energy markets, driving up oil and liquefied natural gas prices and intensifying inflation concerns worldwide.

Deadline extended amid conflicting claimsTrump said talks with Iran were “going very well” and announced a 10-day pause on threatened attacks on Iranian energy facilities, extending an earlier five-day halt declared on March 23.

The pause is set to expire on April 6 at 2000 EDT.Iran, however, said it was not engaged in direct talks with Washington, and officials indicated the U.S. had not clarified who it was negotiating with, as senior Iranian leadership has been significantly affected by the conflict.

Mediators cited by the Wall Street Journal said Tehran had not requested the 10-day pause, while Trump told Fox News that Iran had sought a shorter, seven-day reprieve. There was no immediate confirmation from Iranian authorities.

The conflict has sharply disrupted shipping through the Strait of Hormuz, a critical artery carrying roughly a fifth of global oil and liquefied natural gas. Oil prices have surged about 40% since hostilities began, with Brent crude rising above $105 per barrel.

Iran has warned it would retaliate against energy infrastructure in the Gulf if U.S. strikes proceed, raising concerns about tit-for-tat attacks on civilian facilities that could further destabilize energy markets and regional economies.Global equities have also come under pressure, with major indexes declining amid uncertainty over the conflict’s trajectory.

The Pentagon is considering deploying up to 10,000 additional troops to the Middle East, according to U.S. media reports, while also confirming the use of uncrewed drone speedboats in operations against Iran.

Trump reiterated that the United States could escalate pressure if Iran fails to comply with demands, including reopening the Strait of Hormuz and curbing its nuclear programme, and said control of Iran’s oil resources remained an option without elaborating.

An Iranian official said a 15-point U.S. proposal conveyed through Pakistan was reviewed by senior leadership and deemed unacceptable as it primarily served U.S. and Israeli interests.

The proposal reportedly included demands to dismantle Iran’s nuclear programme, limit missile capabilities and alter control over key waterways.

Pakistan’s foreign minister said indirect communication channels remain open, with Turkey and Egypt also involved in mediation efforts.Iran has hardened its negotiating stance, seeking guarantees against future military action, compensation for war damage and greater control over maritime routes, while also insisting that Lebanon be included in any ceasefire framework.

Meanwhile, hostilities continued on multiple fronts, with Iran launching missile strikes on Israeli cities including Tel Aviv and Haifa, and Israeli strikes hitting targets in southern and central Iran, resulting in civilian casualties and infrastructure damage.

At a meeting with dozens of ministers and senior government officials, Lee expressed concerns over disruptions of shipping, postal and financial services ahead of the Chuseok mid-autumn holidays in October.

Government services such as the issuance of new passports and offering aid for underprivileged people would be also affected, Lee said.

The fire which started on Friday at the National Information Resources Service in the city of Daejeon was extinguished on Saturday.

The centre acts as a cloud server for many government services and databases for the heavily wired Asian country, which is a global powerhouse in technology. The centre also operates data centres in other locations.

The accident was suspected to have started with an explosion on Friday night of a battery produced by South Korea’s LG Energy Solution (373220.KS), during maintenance, damaging some servers and forcing the shutdown of hundreds of others.

LG Energy Solution declined to comment, saying the case is under investigation.

Firefighters took out all of the batteries burnt in the servers and sent them to investigators, an official at the safety ministry said at a briefing on Sunday.

Lee didn’t forecast how long the disruptions would continue, adding the country will have to launch a so-called “dual system” for data security for emergencies.

“I don’t understand why we don’t have an emergency plan for this kind of predictable event,” he told officials.

He asked ministers to propose new budgets to prevent such accidents and investigate the fire thoroughly.

Officials are seeking to resume operations at 551 of 647 government administrative systems, according to the safety ministry.

They have restored 99% of key security equipment and at least half of network facilities that were affected by the fire, the ministry said.