Read more
Hormuz is Open for Business... For Now
Brent erased every wartime gain. Hormuz is open and tankers are moving. But the MoU runs 60 days, the harder talks haven't started, and US stocks just hit their lowest since 1984. The market says crisis over. It hasn't read the fine print
The Ceasefire Is Gone
The April 8 ceasefire was supposed to be extended. It is gone instead. In four days: a US helicopter down, strikes deep inside Iran, Gulf bases hit, and the Strait formally re-declared closed. Brent rose $3 and gave it all back. The price reaction tells you something. So does the data beneath it.
Why Oil Isn't at $200 - And Why That's The Wrong Question
Three months into the largest supply shock in modern history, oil is trading below $100. Four workarounds are keeping the price in check. Each one is finite. Each one is being depleted simultaneously. The question is not why oil isn't at $200 — it's what happens when the workarounds run out.
The Other Winner: How the War with Iran Rescued Russia
Russia is selling roughly the same crude as before the war. But at prices the G7 price cap was designed to prevent. Its daily oil revenues are up an estimated 75–85%. And that number gets larger when China returns.