This week, Iran greenlit the passage of 10 oil tankers through the Strait of Hormuz as a “present” to the US, President Trump claims. But this (alleged) gift isn’t generous enough to ease tightening fuel strains around the globe. 🎁
Barclays warns that an extended Strait closure would remove 13-14 million barrels/day from global supply…and push Brent crude to $110 by the end of May. For now, ongoing negotiations brokered by Pakistan remain mysterious—and only time will tell if anyone’s feeling the giving spirit.