The market’s attention is squarely fixed on the Strait of Hormuz as President Trump set an 8 p.m. EST Tuesday deadline for Iran to reopen the critical waterway or face the decimation of its power plants and bridges. While geopolitical tensions run high, Helima Croft cast skepticism on a major diplomatic breakthrough on Morning Call as the global oil supply disruption stretches into its sixth week.
Global markets were dominated by the escalating U.S.-Iran conflict that choked the Strait of Hormuz, culminating in a fragile, Pakistan-brokered two-week ceasefire that temporarily triggered a massive 1,325-point relief rally in the Dow. However, the truce immediately showed deep cracks as Iran reportedly planned cryptocurrency tolls for ships, and physical spot prices for dated Brent crude hit a record $144 a barrel, highlighting the severe and ongoing disruption to the global energy supply chain.