ToplineStock futures slid and oil prices spiked after President Donald Trump largely used his prime time speech Wednesday night on the Iran war to reiterate talking points, including his justifications for the war and claiming the conflict would come to an end “shortly.”Trump delivered the address Wednesday night. Photo by Alex Brandon-Pool/Getty ImagesKey FactsTrump said the U.S. military goals were “nearing completion,” and Iran would be hit “extremely hard over the next two to three weeks,” though he did not go so far as to say that is when the conflict would end. The comments come after the president said Tuesday the war would be concluded in two to three weeks.Trump, who sought help from NATO allies to secure the Strait of Hormuz, a vital shipping route, claimed the strait would “open up naturally” following U.S. involvement, recalling his Tuesday demands for allies to “go get your own oil” from the Strait of Hormuz.How Has Iran Responded To Trump’s Speech?On Thursday, a spokesperson from Iran’s military command headquarters told state media that the impact of the U.S. and Israeli strikes had been “insignificant” as he warned of more “forceful, broader, and more destructive” attacks. Trump said the U.S. strikes had “decimated” Iran’s military capabilities, but the spokesperson claimed, the U.S.’s information about its military capabilities and equipment was “incomplete.” He said Iran’s “strategic missile production centers,” drones, and other key equipment remained intact. The statement added “this war will continue until your humiliation, disgrace, permanent regret, and ultimate surrender.”How Have The Markets Reacted?Dow Futures fell more than 510 points in early trading on Thursday, down more than 1.1%. The benchmark S&P 500 futures fell 1.27% to 6,533.75 points, while the tech-heavy Nasdaq futures dropped 1.62% to 23,802.00. The price of crude oil soared more than 7.36% to $108.61.Big Number13. That is how many U.S. troops have been killed in the war with Iran. The wounded count reached over 300 as of this week, though many wounded troops returned to duty after sustaining minor injuries.Key BackgroundThe U.S. and Israel launched strikes against Iran at the end of February, killing Ali Khamenei, Iran’s supreme leader, and other top officials in the early days of the assault. Iran launched retaliatory strikes against U.S. and Israeli assets throughout the Middle East, attacking targets in Bahrain, Qatar, Saudi Arabia and Kuwait. Trump initially estimated the conflict would be finished in four to five weeks. By the middle of March, the war grinded the Strait of Hormuz to a halt, with Iran effectively taking control of the shipping chokepoint that an estimated 25% of the world’s oil trade at sea passes through, according to the International Energy Agency. Trump pressured NATO allies to intervene but failed to rally support. As allies inevitably faced fuel crunches from the strait’s closure, Trump criticized them Tuesday, saying those that did not “get involved in the decapitation of Iran” should buy U.S. oil or “build up some delayed courage, go to the [Strait of Hormuz], and just TAKE IT.” That same day, the president told reporters the war with Iran would be complete in two to three weeks and claimed the U.S. crippled Iran’s missile capabilities. Further ReadingStock Market Soars To Best Day In 10 Months As Trump Suggests Iran War Won’t Last ‘Much Longer’ (Forbes)Trump Tells Allies To ‘Get Your Own Oil’ From Strait Of Hormuz Or Buy From U.S. (Forbes)