MW Trump says 'massive' strike against Iran underway - bitcoin plunge offers a glimpse of how markets could react
By Barbara Kollmeyer
'We're going to destroy their missiles,' says Trump
A plume of smoke rises following a reported explosion in Tehran on Feb. 28, 2026. Two loud blasts were heard in Tehran on Feb. 28 morning by AFP journalists, and two plumes of thick smoke were seen over the center and east of the Iranian capital.
Investors roiled for weeks by AI disruption and then hotter-than-expected inflation on Friday faced a fresh level of stress after the U.S. and Israel launched attacks on Iran to destabilize its nuclear ambitions.
"A short time ago, the United States military began major combat operations in Iran. Our objective is to defend the American people by eliminating imminent threats from the Iranian regime, a vicious group of very hard, terrible people," President Donald Trump said in a video message published on his Truth Social account early Saturday.
Cryptocurrencies, which trade 24/7, offered the first glimpse of how investors might react, until Asian markets open on Sunday. Bitcoin (BTCUSD) slid 3.1% to $63,561, a level not seen since early February. Oil (CL.1) (BRN00) prices jumped on Friday as traders began to sense strikes could be nearing, with Trump suggesting to reporters that the window for diplomacy with Iran could be closing. The S&P 500 SPX and Nasdaq Composite COMP and Dow industrials DJIA tumbled on Friday after a surprise spike in producer prices.
Trump last week offered a deadline of 10 to 15 days to make a deal with Iran, which left this weekend as a possibility for a U.S. strike. Iran has been one of the world's biggest oil producers, controlling to several crucial "chokepoints," such as the Strait of Hormuz. That waterway connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.
In his social-media post, Trump did not indicate how long the strikes would last. The Associated Press reported a daylight Saturday attack on Tehran, with initial blasts hitting near the offices of Supreme Leader Ayatollah Ali Khamenei.
Trump said in his post that after the U.S. launched strikes on three Iranian nuclear sites last June, Iran was warned never to resume its pursuit of nuclear weapons and the U.S. "sought repeatedly to make a deal."
"They rejected every opportunity to renounce their nuclear ambitions and we can't take it anymore. Instead they attempted to rebuild their nuclear program and continue developing long-range missiles that can now threaten our very good friends and allies in Europe and could soon reach the American homeland," Trump said in his address.
"It has always been the policy of the United States, in particular, my administration, that this terrorist regime can never have a nuclear weapon," he said, recounting "an unending campaign of bloodshed and mass murder" against the U.S. over 47 years, as well as attacks on Israel.
"We're going to destroy their missiles and raze their missile industry to the ground. It will be totally, again, obliterated. We're going to annihilate their navy, we're going to ensure that the region's terrorist proxies can no longer destabilize the region or the world and attack our forces," he said.
Addressing the people of Iran - thousands of protesters were killed during protests at the start of the year - Trump also said the U.S. was giving them their "only chance for generations" to rise up against their government. He advised citizens in Iran to stay sheltered as "bombs will be dropping everywhere," but after that they would have that opportunity.
"Now is the time to seize control of your destiny," he said.
Myra P. Saefong contributed.
-Barbara Kollmeyer
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(END) Dow Jones Newswires
February 28, 2026 03:57 ET (08:57 GMT)
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