Caroline Hepker

We had a massive sell-off in Asia.

Ten-year treasury yields are up by 5.5 basis points at 4.37.

And yields are also surging across Europe, up by almost five basis points for benchmark German bond yields at 3.03.

So,

Difficult for markets to digest those messages from President Trump.

They had been hoping for a swift end, a resolution to the war in the Middle East.

That's news when you want it with Bloomberg News Now.

I'm Rachel Evans.

I'm Caroline Hepka.

And this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Caroline Hepker.

Five weeks into the war with Iran, President Trump has delivered a primetime address in which he has said that US operations are close to completion, but 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 reassuring 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 as stocks tumbled and Treasury yields 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 reiterating his desire to destroy Iran's military and nuclear capabilities.

Ahead of Trump's address, the Iranian president, Massoud Bazeshkian, took the unusual step of releasing a letter addressed to the American people, arguing that his country has no enmity towards the U.S.