Nathan Hager

And that's news when you want it.

With Bloomberg News Now, I'm Nathan Hager.

This is Bloomberg.

News when you want it with Bloomberg News Now.

I'm Nathan Hager.

President Trump took to the podium last night in a rare primetime White House address aimed at assuring Americans there is an off-ramp to the month-long war with Iran.

In the speech, heard live on Bloomberg Radio, the president said the U.S.

will hit Iran extremely hard over the next two to three weeks, while at the same time saying discussions with Iran's leaders are ongoing.

We get more from Bloomberg Deputy Washington Bureau Chief Laura Davison.

Bloomberg's Laura Davison reports the president also did not offer a plan to break Iran's control over the Strait of Hormuz, telling allies to, quote, take care of that passage.

Bloomberg's Paul Wallace has more on that.

It's Bloomberg Middle East Managing Editor Paul Wallace.

The lack of clarity has oil surging this morning.

Right now, both Brent and West Texas Intermediate are trading above $109 a barrel, gains of 8% to 9% for both those contracts.

And S&P futures are down 1.6% now, down about 100 points.

Dow futures are lower by 1.4%.

That's a drop of more than 640 points.

NASDAQ futures are down 2%.

The 10-year Treasury yield is up five basis points to 4.37%, and COMEX Gold is down 3.5%, trading above $4,600 an ounce.

It's an early morning on Capitol Hill.