Trump reiterated his point that the U.S. objectives in Iran were almost met, and remarked that “we have all the cards” in the conflict.

He also stated that Washington will hit Iran “very hard” over the next two to three weeks.

Asian markets reversed their earlier gains, with all major indexes in negative territory after the address.

Asia-Pacific markets reversed gains on Thursday as oil spiked following U.S. President Donald Trump’s speech on the Iran war.

During his speech, Trump reiterated that the U.S. objectives in Iran were almost met and mentioned that “we have all the cards” in the conflict. He also remarked that Washington will hit Iran “very hard” over the next two to three weeks. This also touches on aspects of dividends.

Early Wednesday stateside, Trump claimed that Iran’s “New Regime President” had asked the U.S. for a ceasefire, a claim that Tehran has denied. Trump added that the U.S. will “consider” the offer only once the Strait of Hormuz was “open, free, and clear,” he commented on Truth Social.

Trump previously stated he was willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remained closed, according to a report by the Wall Street Journal.

Oil prices spiked following the address, with U.S. crude futures rising 6% to $106.39 and global benchmark Brent gaining 6.7% to $107.97.

South Korea’s Kospi dropped 5.03%, leading Asian losses, and the small-cap Kosdaq was down 6.13%. Both the indexes opened more than 1% higher.

Japan’s Nikkei 225 was down 2.5% after Trump’s address, while the Topix fell 1.7%.

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 1.41%, while the CSI 300 index on mainland China lost 1.35%.

Indian markets opened lower after Trump’s speech, with the Nifty 50 last down 1.9% and the Sensex falling 2.1%.

“Markets reacted negatively because, while Trump says it is nearly over, he is sending the third aircraft carrier and more troops to the region so it is hard to believe his words,” Alicia Garcia Herrero, chief economist for Asia Pacific at Natixis, told CNBC.

U.S. stock futures fell, with S&P 500 futures and Nasdaq-100 futures down over 1%. Dow futures were down 439 points, or 0.94%.

Overnight in the U.S., the S&P 500 advanced 0.72%, and the Nasdaq Composite gained 1.16%. The Dow Jones Industrial Average added 0.48%.

—CNBC’s Lisa Kailai Han and Sean Conlon contributed to this report.