Brent and WTI crude futures soared more than 10% after President Trump said the US would hit Iran "extremely hard" in the weeks ahead.

Oil rose more than 7% and world shares fell after President Donald Trump said in his first national address since the Iran war began that the U.S. will continue to hit Iran very hard. Trump also said in his Wednesday night speech that the United States will “finish the job” in Iran soon as “core strategic objectives are nearing

In his address, President Trump also insisted that the military campaign was an overwhelming success but failed to offer a clear exit strategy.

Trump has signalled that the war is likely to continue, prompting investors to expect that oil supplies will remain tight, said Tina Soliman-Hunter from Macquarie University. Majo

Rather than waiting for Iran to agree to the conditions he has put on the table, he can simply impose the peace terms he has set unilaterally. If the U.S. completes these tasks, it will have a stranglehold over Iran,

He said that the US would complete its strategic objectives for the war "very shortly" and spend the next two to three weeks bombing Iran "back to the Stone Ages". Earlier on Wednesday, oil prices briefly dipped below $100 ahead of the speech on hopes Trump would say how the US would exit the conflict but his address repeated the same points he made previously.

President Donald Trump’s address on Wednesday has left investors with concerns over a potential escalation for the Iran conflict.

U.S. stocks surged to their best day since last spring as doubt swung back to hope on Wall Street about a possible end to the war with Iran