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.

Air defense systems were activated following the first barrage, with police and emergency services responding to several locations in the Tel Aviv area.

Israeli media, citing medics, reported that four people sustained light injuries. Police said officers were deployed to multiple impact sites, with local reports indicating as many as nine locations affected.Israeli media said the spread of damage across a relatively wide area suggested the possible use of cluster munitions, which detonate mid-air and disperse smaller bomblets.

There was no immediate independent confirmation of the type of munitions used.Less than two hours after the initial attack, the military reported a second wave of missiles launched from Iran, triggering air raid sirens across large parts of northern and central Israel. In a subsequent statement, authorities said residents were permitted to leave protected shelters, indicating that the immediate threat had subsided.

There were no immediate reports of casualties or significant damage linked to the second barrage.The attacks follow a separate missile strike on Wednesday that injured 14 people, including a child, according to Israeli emergency services, as residents prepared for the Passover holiday.

The exchange underscores escalating hostilities between Iran and Israel, with both sides having previously accused each other of employing cluster munitions in the conflict.

In a post on his Truth Social platform, Trump said discussions over the past two days had raised the prospect of a “complete and total resolution of hostilities in the Middle East.” Speaking later to reporters before departing Florida for Memphis, he described the talks as “very, very strong,” adding that negotiators had reached agreement on “almost all points.”

Trump said U.S. special envoy Steve Witkoff and Jared Kushner, who had previously engaged in negotiations with Iran, held discussions with a senior Iranian official on Sunday evening and were expected to continue talks on Monday. He declined to identify the Iranian interlocutor, stating only that it was not the country’s supreme leader, and said Washington was engaging with “the man who I believe is the most respected and the leader.”

Reporter for Axios said officials from Turkey, Egypt and Pakistan had separately met Witkoff and Iranian Foreign Minister Abbas Araqchi, suggesting a coordinated mediation effort. Iran’s foreign ministry acknowledged unspecified “initiatives” aimed at reducing tensions, according to the Mehr news agency, and reiterated that Tehran expected Washington to participate directly in any negotiations as a principal party to the conflict.

The diplomatic push comes hours before a previously signaled U.S. deadline that had raised the prospect of escalation targeting Iranian energy infrastructure, a move widely seen as carrying significant regional and economic risks.

Trump said he had communicated with Israel, describing the U.S. ally as supportive of ongoing diplomatic efforts. A source briefed on Israeli planning said Washington had kept Israel informed of its contacts with Tehran and indicated that Israel was likely to mirror the U.S. pause by suspending any targeting of Iranian power plants and related infrastructure.

Trump’s comments helped ease immediate concerns of escalation, with oil prices falling and stock markets recovering as investors reassessed geopolitical risk. The prospect of a temporary halt in strikes on energy assets signaled a reduced likelihood of near-term disruption to regional supply.

Diplomatic contacts are expected to continue in the coming days as intermediaries seek to bridge remaining gaps between Washington and Tehran.

Sheikh Abdullah, who also serves as the UAE’s deputy prime minister, underscored the importance of halting hostilities, securing the release of hostages, and preventing further escalation in the Middle East. The meeting, attended by UAE Assistant Minister for Economic and Trade Affairs Saeed Mubarak Al Hajeri and UAE Ambassador to Israel Mohamed Mahmoud Al Khaja, marked a rare diplomatic engagement between the two nations since the Gaza war began in October 2023.

The UAE and Israel normalized relations in 2020 under the US-brokered Abraham Accords, but bilateral interactions have been limited amid the ongoing conflict sparked by Hamas-led attacks on Israel. Saar noted on X that this was his second meeting with Sheikh Abdullah, signaling a cautious resumption of dialogue.

During the talks, Sheikh Abdullah called for a “serious political horizon” to restart negotiations for a two-state solution, reaffirming the UAE’s longstanding support for the Palestinian people and their right to self-determination. He also stressed the need to curb extremism, tensions, and violence across the region, the ministry statement said.

The meeting coincided with Israel’s intensified military operations in Gaza, which resumed last month after the collapse of a US-mediated truce. The Hamas-run health ministry reports that over 1,330 Palestinians have been killed since the offensive restarted, bringing the total death toll since October 2023 to 50,695 — numbers cannot be independently verified. The war erupted when Hamas militants attacked southern Israel, killing 1,200 people and abducting 251 hostages, of whom 59 remain in Gaza—24 believed to be alive.

Sheikh Abdullah’s push for peace reflects growing regional concern over Gaza’s humanitarian toll, with the UAE positioning itself as a mediator advocating for stability and Palestinian rights amid a conflict showing no signs of abating.