Stocks inched higher, the dollar softened and oil slipped on Thursday as investors held their collective breath ahead of a speech from U.S. President Donald Trump that could outline the end of ​the war in the Middle East and boost risk appetite.

President Trump said he was no longer worried about Iran’s uranium stockpile because it is “so far underground.” And the Iranian president, in a letter to the American people, warned of the costs of continued war.

Prime Capital Financial CIO Will McGough discusses market reactions to the conflict in Iran on ‘Mornings with Maria.’

Trump will address the nation with an "important update" on the Iran War on Wednesday. Follow Newsweek's live updates

President Trump said the United States expected the U.S. military campaign in Iran to end in two or three weeks. Israel said it struck Tehran early Wednesday, as residents in the Iranian capital reported hearing explosions and seeing plumes of smoke rising above the city.

The price of Brent crude oil to be delivered in May rose by a record 64% in March as the conflict disrupted energy supplies.

President Donald Trump has prioritized efforts to calm the financial markets during the Iran war, but his go-to moves are starting to fall flat

Hopes of de-escalation in the Iran war are encouraging, but might be premature as tensions remain high and shipping through Hormuz is still constrained. “We’ve seen a pullback in crude, but Brent holding around $100 a barrel tells you the market isn’t entirely convinced yet,