Hormuz Disruption Priced In as Distillate Structure Signals Stress While BOGO Collapses Nearly 10 Percent
Energy markets opened higher on confirmation of the U.S. move to restrict Iranian shipping but failed to extend gains, with Brent trading between $98 and $102 per barrel after earlier highs above $102. This still represents a move of more than 40 percent since the initial disruption of flows through the Strait of Hormuz. The lack of follow-through reflects that a large portion of the geopolitical risk was already priced ahead of the weekend.
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