Hormuz Reopened. The Red Sea and the Caspian Just Failed Too.
The market priced the ceasefire as an ending.
The market priced the ceasefire as an ending.
It was a pause between three chokepoints failing one after another — and the refining system never got the chance to rebuild what the first shock took.
On June 26, Brent settled at $72.53 a barrel. Desks that had spent five months pricing war risk started pricing it out. The MOU between Washington and Tehran …
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