Hormuz Update: Comfortably Bomb

The collapse of the US-Iran MoU has led to renewed conflict in the Strait of Hormuz. Markets remain relatively stable, banking on US naval capability to maintain oil flow, though the risks of a major energy crisis persist.

Key Takeaways

• 1.The US-Iran MoU has collapsed, with both sides engaging in direct strikes.
• 2.Markets are currently underpricing the geopolitical risk due to inventory levels and low Chinese demand.
• 3.The US is prioritizing escorting oil tankers to maintain flow, which creates a window for action but risks a major energy crisis if it fails.

Table of Contents

• Summary
• There is no pain
• MoU are receding
• A distant ship smoke on the horizon
• You are only coming through in waves
• Your lips move but I can't hear what you're saying
• I can't explain, you would not understand
• This is not how Iran am
• I have become Comfortably Bomb

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