WS #13438
A deal to reopen the Strait of Hormuz is close, with announcement targeted for tomorrow, driving oil prices down and stocks to records. Oil prices fell over 5% on Hormuz deal hopes, but refining margins remain elevated with Aramco running flat out and Exxon/Chevron warning of constrained diesel supply. Russian missile strike on Kyiv, Ukrainian drone strikes on Russian infrastructure, and Iranian arrests of agents near Hormuz indicate continued conflict risk.
Hormuz Deal Progress
A deal to reopen the Strait of Hormuz is close, with announcement targeted for tomorrow, driving oil prices down and stocks to records.
Oil prices fell over 5% on Hormuz deal hopes, but refining margins remain elevated with Aramco running flat out and Exxon/Chevron warning of constrained diesel supply.
Russian missile strike on Kyiv, Ukrainian drone strikes on Russian infrastructure, and Iranian arrests of agents near Hormuz indicate continued conflict risk.