Confused narratives out of the Strait of Hormuz keep markets rangebound
Happy Monday. Oil prices are reverting higher and the dollar is holding steady after President Donald Trump announced plans to “guide”—but not escort—shipping through the Strait of Hormuz. US Central Command, which is currently blockading Iranian ports, said 15,000 service members and more than 100 aircraft, along with warships and drones would support the initiative, yet stopped short of putting surface combatants at risk by offering convoy protection through the narrow waterway. A tanker off Fujairah reported being hit by “unknown projectiles” shortly after the US announcement, and Tehran this morning said it was implementing a new “control zone” in...