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.

The Senate has once again unanimously passed a measure to fund all of the Homeland Security Department except for immigration enforcement.

It puts the ball back in the House's court after Republicans there rejected the same bill last week.

The chambers may be overcoming their differences on the Republican side, though, as we hear from Bloomberg's Amy Morris in Washington.

Bloomberg's Amy Morris reports President Trump called for that bill to reach his desk by that deadline in a social media post.

The House could vote on the DHS funding measure.