Oil prices surged and global stock markets fell sharply after US President Donald Trump delivered a prime-time address on February 20, 2026, reaffirming military action against Iran for another two to three weeks. Speaking from the White House, Trump declared that US forces would bring Iran "back to the Stone Ages, where they belong," and said battlefield objectives would be met "very, very shortly." His remarks offered no resolution to the ongoing closure of the Strait of Hormuz, a key energy corridor, and dismissed responsibility for reopening it, telling dependent nations to "get your own oil." Brent crude rose 6.5 per cent to $107.73 a barrel, while West Texas Intermediate climbed 6.2 per cent to $106.31. Markets that had begun to recover on earlier hopes of a ceasefire were rattled by the lack of a clear exit strategy.
Major Asian and European indices declined, with Tokyo's Nikkei 225 dropping 2.4 per cent and London's FTSE 100 falling 0.3 per cent. Investors reacted to the absence of a definitive endgame, with analysts noting that Trump's speech emphasized continued strikes over de-escalation. UK Prime Minister Keir Starmer announced a meeting of about 35 nations to discuss reopening the Strait of Hormuz, stressing the need for diplomatic measures to restore navigation and protect seafarers. World Bank Managing Director Paschal Donohoe expressed concern over inflation, jobs, and food security, as the Bank launched a joint effort with the IMF and International Energy Agency. South Korean President Lee Jae Myung proposed a $17.2 billion supplementary budget, stating the economy was being treated as being on a wartime footing.
Trump's refusal to outline an end to hostilities while demanding others fix the Strait of Hormuz crisis reveals a strategy of deflection, not leadership. His rhetoric has repeatedly triggered market swings, and this address only deepened uncertainty for energy-dependent economies. With no ceasefire in sight and supply chains under strain, the global economic ripple will keep pressure on inflation and trade. For Nigerians, already facing high fuel and food costs, prolonged volatility means more pain at the pump and on the plate.
