S&P futures declined on Thursday following President Donald Trump’s assertion that the conflict in Iran would persist, which in turn led to an increase in oil prices. Futures for the Dow Jones Industrial Average declined by 541 points, representing a decrease of 1.2%. S&P 500 futures declined by 1.4%, while Nasdaq 100 futures experienced a decrease of 1.7%. Wednesday night’s address by Trump offered updates on the situation in the Middle East. Trump stated that the U.S. is “getting very close” to concluding the Iran war and would “hit” Tehran “extremely hard.”

The president stated, “Over the next two to three weeks, we’re going to bring them back to the stone ages.” His statements also resulted in an increase in oil prices. West Texas Intermediate crude prices increased by 7.9% to $107.98 a barrel, whereas Brent crude futures saw a rise of 7.3% to $108.59. “The longer oil prices stay higher, the less consumers will have to spend, and the more the economy will slow,” stated Hennion & Walsh CIO Kevin Mahn in an interview.

He stated that “we’re going to have to wait for a resolution in the conflict to actually see some respite with respect to oil prices and inflation.” The Federal Reserve is anticipated to maintain its current interest rates in the near term. Market participants experienced gains following Trump’s tweet indicating that the ruler of Iran had sought a truce. Trump indicated that the U.S. would only “consider” the offer if the Strait of Hormuz was “open, free, and clear.”

On Tuesday afternoon, the president conveyed to White House reporters that U.S. forces are set to leave Iran in “two or three weeks.” With Good Friday resulting in market closures, Thursday stands as the final trading day of the week. On Thursday morning, markets will anticipate the initial jobless claims for the week ending March 28, while Friday morning will bring March’s employment data for traders.