WS #13429
Multiple officials and reports indicate a US-Iran deal to reopen the Strait of Hormuz is imminent, with Bessent saying 'today or tomorrow', sending oil prices down over 5% and fueling a broad risk-on rally. Massive missile strikes on Kyiv and Ukrainian drone attacks on Russian refineries have collapsed Russian oil refining to 2002 levels, reducing fuel exports by a third, a bullish oil supply factor.
US-Iran Hormuz Deal Optimism
Multiple officials and reports indicate a US-Iran deal to reopen the Strait of Hormuz is imminent, with Bessent saying 'today or tomorrow', sending oil prices down over 5% and fueling a broad risk-on rally.
Massive missile strikes on Kyiv and Ukrainian drone attacks on Russian refineries have collapsed Russian oil refining to 2002 levels, reducing fuel exports by a third, a bullish oil supply factor.