President Donald Trump announced on Wednesday that Iran had requested a ceasefire, but he dismissed the possibility of a truce until the strategically vital Strait of Hormuz is reopened for critical energy shipments. The White House confirmed that Trump would deliver an “important” national address at 9:00 pm (0100 GMT Thursday), marking his first prime-time speech since the conflict erupted. Earlier, Trump expressed optimism that the war could conclude within “two weeks, maybe three.”
He emphasized that the United States would persist until all its objectives are fully met, stating, “Thanks to the progress we’ve made, I can say we are on track to complete all of America’s objectives shortly, very shortly.” Trump vowed to intensify military action over the coming weeks, declaring, “We are going to hit them extremely hard over the next two to three weeks. We are going to take them back to the stone ages where they belong.”
Notably, Trump asserted that “regime change was never our goal,” but acknowledged that such a change had occurred following the death of Iran’s original leader. He further warned Tehran that if no agreement is reached soon, the U.S. would target Iran’s electric generating plants with simultaneous strikes. “If during this period of time no deal is made, we have our eyes on key targets. If no deal is reached, we are going to hit every one of their electric generating plants very hard, and probably simultaneously,” he said.
Meanwhile, Iran has denied any ongoing negotiations and intensified missile attacks on Israel and U.S.-allied Gulf countries on Wednesday. Observers reported massive explosions in Tehran, underscoring escalating hostilities. Since the U.S. and Israeli strikes on February 28 triggered the regional conflict and a global energy crisis, Iran has blocked shipping through the narrow Strait of Hormuz, a critical passage for one-fifth of the world’s oil supply.
Iranian President Masoud Pezeshkian indicated the Islamic Republic’s willingness for a ceasefire, but only if guarantees were provided that hostilities would not resume. On his Truth Social platform, Trump highlighted Pezeshkian’s request, stating, “He has just asked the United States of America for a CEASEFIRE!” However, Trump insisted, “We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”
In a significant development, Iran’s Revolutionary Guards confirmed the Strait of Hormuz would remain closed to what they termed the country’s “enemies.” They also claimed responsibility for striking an oil tanker in the Gulf, which they identified as Israeli. A British maritime security agency reported the vessel was hit near Qatar, sustaining damage but with no casualties.
The conflict’s impact on global energy markets was evident as optimism from Trump’s timeline remarks pushed oil prices down and boosted stock markets in Europe and Asia. Nevertheless, Iran’s blockade of oil and gas shipments through the Hormuz has driven energy prices higher, triggering worldwide economic instability. In the U.S., average gasoline prices surpassed $4 per gallon for the first time in four years, while inflation surged across Europe, prompting governments to introduce support measures.
At a protest in Toulouse, France, driver Nicolas Barthes expressed frustration over rising fuel costs, stating, “The additional diesel cost for me this month is €15,000, and we’re not managing to pass all of that on.” Susannah Streeter, chief investment strategist at Wealth Club, noted that prices remain roughly 50 percent above pre-war levels, reflecting ongoing skepticism about Trump’s claims of progress.
Trump has criticized allied nations for their lack of involvement in the conflict. French President Emmanuel Macron reiterated on Wednesday that France would not participate, while Britain announced plans to host a meeting of approximately 35 countries this week to discuss reopening the Strait of Hormuz. Washington has not disclosed which Iranian officials it is engaging with, and Iran continues to deny that formal talks are underway. Iranian Foreign Minister Abbas Araghchi confirmed ongoing direct communications with U.S. envoy Steve Witkoff but clarified that these do not constitute negotiations.
Earlier this week, Trump threatened to “obliterate” Iran’s oil wells, the Kharg Island export terminal, and potentially water desalination plants if Tehran failed to reach an agreement.
