Military upgrade expectations offset the positive impact of troop withdrawal; Trump's speech triggered a major market shock.

Trump delivered a rare prime-time national televised address from the White House. He attempted to reassure the American public, whose financial markets were turbulent and whose political approval ratings were suffering due to the war, declaring that the war against Iran was "very close" to its end. However, as Trump hinted that military action could escalate in the near future, international spot gold and silver prices plummeted, while WTI and Brent crude oil prices continued to rise. As of press time, spot gold had fallen by more than $100, spot silver by more than 3%, and both WTI and Brent crude oil prices rose by more than 5%. This speech highlighted the immense pressure Trump faces to clarify the war's objectives to the public and to find an "exit strategy" for the increasingly uncontrollable conflict that has entered its fifth week. It is noteworthy that this speech, in some ways, resembled an initial mobilization for the start of the war rather than a summary after a month of fighting. Currently, the Strait of Hormuz, which accounts for one-fifth of global seaborne oil, has been largely blocked since the outbreak of the war, becoming a major economic bottleneck. Although Trump still insists that the energy shock will ease after the war, the government has not yet clarified how it will persuade Iran to restore navigation through the strait. (Jinshi)