Donald Trump finally tried to sell the American public on his Iran war, but his primetime address, five weeks into the messy conflict, showed he’s grasping for an off-ramp. The president offered no clear timeline for ending the hostilities, while pledging more aggressive action over the next two to three weeks. Meanwhile, Iran and Israel continued to trade strikes and Trump renewed threats against Iranian electric plants. Goldman’s main office in Paris received bomb threats believed to be from an Iranian group. Follow the latest in our live blog.
Oil surged as Trump’s speech damped hopes for a swift resolution and instead pointed to prolonged disruptions to energy flows. European diesel futures hit $200 a barrel. Stocks and bonds slid. The month-long turmoil has forced traders to unwind positions, and some of the world’s largest hedge funds got walloped in March. But it’s thrown up a predictable pattern for the stock market, which now tends to start the week on a strong note before drifting sideways mid-week and collapsing—like clockwork—every Thursday.