More oil is getting through Hormuz. Prices are still above $100. Here is why.
Crude flows through Hormuz have recovered to around 14 million barrels per day, close to pre-war levels. Brent is still trading above $100. The volume came back. The cost didn't. Understanding why tells you more about where energy markets are heading than the headline flow numbers do.
More oil is getting through Hormuz. Prices are still above $100. Here is why.
Crude flows through the Strait of Hormuz have recovered to around 14 million barrels per day. Brent is still above $100. The volume came back. The cost didn't.
Brazil is heading for a runoff on October 25. The market already has a view on who wins.
Flávio Bolsonaro leads Lula 47% to 45% with 99.9% of votes counted. The Ibovespa rose 2.6% on Friday before the vote. The market has a preference and it isn't subtle about it.
Iran offered to reopen Hormuz in seven days. Trump said no.
Iran presented a seven-day roadmap to reopen the Strait of Hormuz at the UN General Assembly. Trump rejected it on Saturday. The WSJ reported he has told aides to expect resumed bombing after the midterms.