Geopolitics for people with oil futures open.
Struck on July 20, held stationary since the 21st, crew off the vessel. The deal reopened the strait. Incidents like this are the fine print.
Twenty tankers finally exit Hormuz after the deal. Flows are back to 4.8 million barrels a day. The strait reopened, the risk premium never fully will.
From 138 vessels a day to almost none. One fifth of the world's oil and LNG is on pause, and the loitering clusters on the AIS map keep growing.
State media announces the closure after strikes on Lebanon. The most telegraphed escalation in modern energy markets arrives anyway.
The Hormuz explainer we wrote before it was cool. A chokepoint primer for degens who just discovered crude futures.