Apr. 11 at 3:34 AM
$USO $UCO $CVX $DVN $CHRD
In case any of the oil bears need to have it spelled out for them.....
"But three days after the ceasefire was announced, the reopening of the Strait of Hormuz is not happening. The ceasefire, by the way, is fragile, at best.
“The ceasefire has not reopened the Strait of Hormuz, and transit remains tightly controlled,” maritime intelligence firm Windward said in a Thursday note.
The movement of vessels continues through routing managed by the Islamic Revolutionary Guard Corps (IRGC), not standard commercial lanes."
"Even if the Strait of Hormuz opened today without any restrictions and risks, oil and gas supply from the Middle East faces recovery of several months well into the late summer, according to Wood Mackenzie."
https://oilprice.com/Energy/Oil-Prices/Strait-of-Hormuz-Constraints-Keep-Oil-Prices-Elevated.html