Trump repeated calls for countries that rely on Gulf oil to "take the lead" and assume the burden of reopening the waterway on which Iran has a chokehold that has created what some market watchers have called the worst global energy shock in history.
The prospect of an end to the month-long war had lifted global stocks and knocked the dollar off recent highs over the past two trading sessions after a brutal March where soaring oil prices sent risk assets into a tailspin.
But those moves were being reversed on Thursday after the speech as traders who had added risk this week were swiftly exiting those positions, bracing for a prolonged energy shock to spur worry over stagflation - rapid inflation with slow growth.
So Brent crude futures are once again well above $100 a barrel, while U.S. stock futures and European futures point to an ugly open with both down more than 1%.
Over in Asia, which has borne the brunt of the oil shock as most of the economies in the region heavily rely on energy from the Middle East, it was a sea of red with almost all bourses sliding sharply. U.S. Treasuries were also down.
With most major Western markets closed tomorrow for the Good Friday holiday, investors could de-risk extensively, hoping to not get caught out by any weekend escalation.
