WS #13933
Trump claims total control of Hormuz with a 'wall of steel' blockade, while Iran signals a war of attrition, keeping oil risk premium elevated. US crude inventories surged 17.4M barrels, the largest build since Jan 2023, while IEA and OPEC diverge sharply on 2026 demand, creating a bearish oil supply picture despite Hormuz tensions.
Geopolitical Tensions and Hormuz
Trump claims total control of Hormuz with a 'wall of steel' blockade, while Iran signals a war of attrition, keeping oil risk premium elevated.
US crude inventories surged 17.4M barrels, the largest build since Jan 2023, while IEA and OPEC diverge sharply on 2026 demand, creating a bearish oil supply picture despite Hormuz tensions.