The world listened to President Donald Trump's speech Wednesday evening . . . and hit the sell button.
Asian markets cratering overnight.
Japan down 1.4%. South Korea down 2.6%.
Oil surging back above $105 after briefly dipping on peace hopes.
Gold and silver collapsing as safe-haven trades unwind.
Gasoline in the US just crossed $4 a gallon for the first time since Russia invaded Ukraine.
Diesel at $5.50. Oil futures posted their largest monthly dollar gain in history, up 51% in March alone.
Oil executives are warning that physical crude is even more expensive than futures suggest.
Trump promised 2-3 more weeks.
Markets heard "more bombing" and priced accordingly.
The two-day rally that preceded the speech evaporated in 19 minutes.
The energy shock is spreading beyond fuel into aluminum, fertilizer, helium, and semiconductor supply chains.
Traders are repricing inflation assumptions in real time.
The speech was supposed to calm the world.
Instead it reminded everyone that the president who says the war is almost over . . . just threatened to send Iran "back to the stone age."
