When Trump announced the US-Iran ceasefire Tuesday, Wall Street went full risk-on.

The Dow jumped 1,325 points — up 2.8% — to close at 47,909. The S&P 500 added 2.5%. Nasdaq popped 2.8%. The Russell 2000 gained 3%. Oil dropped below $95 a barrel. Somewhere, a trader bought a boat.

By Thursday, the mood had sobered. Oil climbed back toward $96-98. Asian markets were still green — Nikkei up 1.5%, Hang Seng up 1.1%, Kospi up 1.8% — but the euphoria had faded into cautious positioning ahead of the weekend talks in Pakistan.

Within a 24-hour window, Trump said he was “optimistic” about a deal with Iran — and then threatened Tehran over fees being charged in the Strait of Hormuz.

He also accused Iran of doing a “poor job” of letting energy supplies flow. Karoline Leavitt called reports of Iran closing the strait “completely unacceptable,” though she also said ship traffic had actually been increasing and the Iranian state media reports were “false.”