In a contrast with stocks, oil prices hardly moved on the Iranian official’s comments about the future of the Strait of Hormuz.

The cost of U.S. crude oil continued pushing higher to more than $111 per barrel, up nearly 12% since Wednesday, its biggest one-day price jump in six years. For the year, it’s now up 94%.

Brent, the international oil benchmark, rose nearly 8% to more than $109 per barrel. For the year, the price of Brent has surged nearly 80%.

In his speech Wednesday, Trump said the war would end “shortly,” but he simultaneously pledged to conduct additional “extremely hard” strikes on Iran “over the next two to three weeks.”

Missing from Trump’s address was any structured path to a ceasefire. He likewise did not put forth any…