Washington, April 2 (NationPress) Global financial markets experienced a downturn, while oil prices surged following US President Donald Trump's indication that the conflict with Iran will persist for several weeks. This has sparked worries regarding potential supply interruptions and lasting economic repercussions, as reported by various American media outlets.

Following Trump's address, US stock futures fell, with S&P 500 futures dipping approximately 0.8 percent, Nasdaq futures declining around 1 percent, and Dow futures plummeting by roughly 350 points, according to reports from The Wall Street Journal, The New York Times, and CNBC.

Asian markets also saw a decline in early trading, with South Korea’s Kospi dropping over 2 percent, and Japan’s Nikkei also falling, reflecting investor apprehension about the future of energy supplies.

In response to Trump's warning that the United States would respond “extremely hard over the next two to three weeks” if no agreement is reached, oil prices skyrocketed.

The global benchmark price increased by more than 3 percent during and following the speech, with Brent crude surpassing $105 per barrel during Asian trading hours.

According to The Wall Street Journal and other sources, investors were seeking indications of de-escalation or a defined exit strategy. Instead, while Trump maintained that the war was nearing its conclusion, he also implied further military action, which added to the uncertainty surrounding the timeline.

Market participants continue to monitor the Strait of Hormuz, a vital corridor for global oil shipments that has faced disruptions amid the ongoing conflict.

Experts have warned that ongoing disturbances in this waterway could tighten global oil supply and maintain elevated price levels.

A report from Oxford Economics highlighted by The New York Times estimated that the war has already caused a 10 percent shortfall between global oil supply and demand, increasing the risk of “widespread rationing” and supply chain interruptions in emerging markets.

Furthermore, rising energy prices are exacerbating inflation concerns, as US gasoline prices have exceeded $4 per gallon, exerting additional pressure on households and businesses.

While Trump acknowledged the increasing fuel costs, he characterized them as temporary, asserting that markets would stabilize once the conflict concludes.

Nevertheless, economists have warned that the repercussions could be more enduring, with some adjusting growth forecasts downward and raising concerns of a slowdown if the conflict continues.