The expectation of military escalation offsets the positive outlook on troop withdrawal, and Trump's speech triggers a market jolt.

ME News Report, April 2nd (UTC+8), Trump delivered a rare prime-time national TV address from the White House. He attempted to reassure the American public, whose financial markets have been volatile and political support has waned due to the war, claiming that the Iran conflict is “very close” to ending. However, as Trump hinted that military actions could escalate in the short term, international spot gold and silver prices plummeted, while U.S. and Brent crude oil continued to rise. As of press time, spot gold fell more than $100 intraday, spot silver dropped over 3%, and both U.S. and Brent crude oil increased by over 5%. This speech highlights the immense pressure Trump faces to clarify the war’s objectives to the public and to find a “way out” for this conflict, now in its fifth week and becoming increasingly difficult to control. Notably, this speech was more like a mobilization at the start of the war rather than a summary after one month. Currently, the Strait of Hormuz, which accounts for one-fifth of global maritime oil transport, has been essentially blockaded since the outbreak of hostilities, becoming a major economic pain point. Although Trump still insists that energy shocks will ease after the war, the government has yet to clarify how it plans to persuade Iran to reopen the strait. (Jin10) (Source: ODAILY)