Caroline Hepker

And from London, I'm looking at what all that means for markets, money and the wider economy.

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I'm Caroline Hepker.

Five weeks into the war with Iran, President Trump has delivered a primetime address in which he said that the U.S.

operation is close to completion, whilst also pledging more aggressive action.

The speech came as the president is grasping for an off-ramp in a conflict that has quickly slipped out of control.

But rather than reassure markets that he could bring the war to a swift end, Trump's remarks appear to have rattled investors.

Those comments sent the price of crude soaring and stocks tumbling in Europe and in Asia.

Treasury yields have climbed in tandem with the dollar.

President Trump also said that the Strait of Hormuz would reopen naturally once hostilities subside without providing details.

as he offered no concrete plan for reopening the waterway.

And he pledged to take more aggressive action if Iran does not negotiate a ceasefire with the US.

The president also did not present any new arguments or explanations for the war.

Instead, he reiterated his desire to destroy Iran's military and nuclear capabilities.

Now, ahead of Trump's address, Iranian President Massoud Pazeshkian took the unusual step of releasing a letter addressed to Americans arguing that his country has no enmity towards the United States, never initiated any war in his words.

and advising Americans to look beyond political rhetoric.

Overnight, Iran and Israel traded aerial strikes, while the United Arab Emirates also reported missile interceptions.