U.S. President Donald Trump used his first televised address to the nation since the start of the Iran war to declare that the conflict is “nearing completion” while warning that American military operations will continue for another two to three weeks.

“The United States is winning, and now it is winning more than ever,” Trump said from the White House. “We are going to finish the job, and we are going to finish it very quickly.”

But Trump did not provide a clear exit strategy or a firm timeline for ending the war. Instead, he threatened to hit Iran “extremely hard” and suggested Washington is ready to intensify the military campaign.

Tehran quickly rejected Trump’s claims that four weeks of attacks had left Iran severely weakened. Iran’s military said the country remains capable of responding and warned that further attacks would trigger “more crushing, more extensive and destructive actions.”

“Expect even more destructive actions from us,” the Iranian military said in a statement, raising fears of a broader regional conflict.

Financial markets reacted immediately to Trump’s speech. Oil traders, who had hoped for signs of diplomacy or a possible ceasefire, instead saw a renewed commitment to military escalation.

Global benchmark Brent crude climbed above $106 per barrel, while U.S. benchmark WTI rose above $103, as concerns grew over disruptions to global energy supplies and the future of the Strait of Hormuz.

Gasoline prices in the United States have also surged. The average national price is now above $4 per gallon, up 37% since the war began, according to AAA.

Strait of Hormuz has become the center of the crisis. Roughly one-fifth of the world’s oil passes through the narrow waterway, and fears that Iran could disrupt traffic there have intensified concerns about a global energy shock.

Trump’s speech also highlighted how the Iran war is rapidly becoming the defining issue of his second term. Earlier in the day, he appeared before the U.S. Supreme Court before returning to the White House to deliver his first major wartime address.

The president did not mention the negotiations with Iran that he had repeatedly referenced in previous weeks, nor did he indicate that he was seeking congressional approval for the military campaign. That omission has raised concerns in Washington and among U.S. allies in Europe.

Meanwhile, dozens of rockets were fired toward northern Israel, while explosions were reported near Baharestan, outside Esfahan in central Iran, underscoring the continuing escalation across the region.