U.S. stock futures tumbled on Thursday after President Donald Trump indicated that the Iran war would continue, sending oil prices higher as well. Futures tied to the Dow Jones Industrial Average slid 661 points, or 1.4%. S&P 500 futures declined 1.6%, and Nasdaq 100 futures lost 2%. Trump delivered an address Wednesday night, providing updates on the Middle East conflict. Though he said that the U.S. is “getting very close” to ending the Iran war, Trump added that the nation would “hit” Tehran “extremely hard.” “Over the next two to three weeks, we’re going to bring them back to the stone ages where they belong,” the president said. His comments led to a surge in oil prices. West Texas Intermediate crude futures were last up 9% at above $109 per barrel, while Brent crude futures advanced 8% to above $109 a barrel. “The longer oil prices stay higher, the less consumers will have to spend, and the more the economy will slow,” Kevin Mahn, CIO of Hennion & Walsh, told CNBC’s “Squawk Box” in an interview. He added that he doesn’t expect the Federal Reserve to move on rates in the near future, so “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.” Investors are coming off a winning session after Trump said in a post that Iran’s president had asked the U.S. for a ceasefire. However, he added that the U.S. would only “consider” the offer once the Straight of Hormuz was “open, free, and clear.” The announcement came after the president told reporters at the White House on Tuesday afternoon that he expects U.S. military forces will leave Iran in “two or three weeks.” Thursday marks the last trading day of the shortened week, as markets are closed for Good Friday. On Thursday morning traders will watch out for initial jobless claims for the week ending March 28, while March’s jobs report is set for release on Friday morning. The 10-year Treasury yield ticked up on Wednesday as investors assessed the prospect of a resolution to the conflict in the Middle East. The yield on the 10-year Treasury rose more than 2 basis points to 4.332%. The 2-year yield was up less than 2 basis points at 3.813%, while the 30-year Treasury yield climbed more than 2 basis points to 4.915%. Asia-Pacific markets dropped Thursday, reversing earlier gains, as oil spiked following U.S. President Donald Trump’s national address on the Iran war. South Korea’s Kospi dropped 4.47% and settled at 5,234.05, leading Asian losses, and the small-cap Kosdaq was down 5.36% to 1,056.34. Both the indexes had opened more than 1% higher. Japan’s Nikkei 225 fell 2.38% after Trump’s address, closing at 52,463.27, while the Topix fell 1.61% to 3,611.67. Australia’s S&P/ASX 200 started the day in positive territory but fell 1.06% to finish at 8,579.5. Hong Kong’s Hang Seng index fell around 1% in its final hour of trade, while the CSI 300 index on mainland China lost 1.04% to end the day at 4,478.91. Indian markets opened lower after Trump’s speech, with the Nifty 50 down 1.38% and the Sensex falling 1.47%. Gold prices reversed course to slip more than 1% on Thursday, snapping a four-day winning streak, after U.S. President Donald Trump said the United States would continue the war in Iran over the coming weeks. Spot gold fell 1.3% at $4,694.48 per ounce by 0202 GMT, while U.S. gold futures slid 1.9% to $4,723.70. Prices were up over 1% at their highest levels since March 19 before Trump’s remarks.