Caroline Hepker

And so those moves in markets.

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

I'm Caroline Hepker and this is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Caroline Hepke.

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

operations are close to completion while also pledging more aggressive actions.

The speech comes 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, his 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 US 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 vital waterway.

And he pledged to take more aggressive measures 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, Iranian President Massoud Pazeshkian took the unusual step of releasing a letter addressed to the Americans, American people, arguing that his country has no enmity with the U.S.

US allies, meanwhile, are meeting to prepare a diplomatic outreach to Iran, which is starting to operate the Strait of Hormuz like a toll booth.

A Bloomberg investigation reveals how Iran-friendly tankers are being given secret codes and charged around a dollar per barrel of oil for safe passage.

Reopening the Strait has become a key priority for governments around the world, with UK Prime Minister Keir Starmer pushing for talks.

The British leader has been a frequent target of the White House for refusing to join in the war.

Those talks that Starmer references are happening later today here in London and the US is not expected to be attending them.

European leaders, meanwhile, are concerned that President Trump's threats to withdraw from NATO could erode the alliance at a critical moment in its history.