No exit plan. No Hormuz resolution. Oil above $108. Another day of this.

Markets spent all of Wednesday pricing in a de-escalation. Brent dropped below $100. Futures rallied. VIX fell. Everyone assumed the 9pm address would give a clear timeline to end the war.

It didn't.

Trump repeated the two to three week timeline he floated to reporters on Tuesday but offered nothing new. No ceasefire framework. No clear exit conditions. No resolution on the Strait of Hormuz. Instead he said the US is sending Iran back to the stone ages in an attempt to cripple their ability to threaten global security. That's not de-escalation language.

Oil immediately reversed. Brent went from below $100 to above $108 overnight. WTI did the same. S&P 500 futures are down over 0.9% as of early morning ET.

The Strait of Hormuz is the part that matters most and Trump essentially punted on it. He said other countries should take the lead in reopening it. He said they must cherish it, must grab it, and that it might open up naturally. That's not a plan. That's a press conference answer for a question that the global oil market has been waiting five weeks to get resolved.

He also claimed the US is totally independent of the Middle East and doesn't need their oil. That may be true for US domestic supply but oil is a globally priced commodity. When Brent moves, every barrel in the US moves with it. Gas at $4 a gallon doesn't care where the crude was pumped.

I've been tracking the energy sector and related names through all of this on this screener: https://www.stoxcraft.com/stoxcraft-screener

The setup heading into Thursday is the same one the market has been stuck in for weeks. Oil elevated. Futures weak. No clear resolution. Every speech creates a rally that reverses when the details don't hold up.

Curious what the community thinks. At what point does the market stop reacting to Trump's Iran timeline statements and just price in a prolonged conflict? And for anyone still holding energy positions, are you adding into this or starting to think the trade is getting crowded?