Hormuz: Priced for Relief, Exposed to Delay

Wednesday, 17 June 2026

Markets took relief from the US-Iran deal, with European gas prices off almost 6pct. But the strait is still mined, the text unsigned, and our tracking shows almost nothing has moved: Qatari and Emirati transit ran at 2.5pct of normal for fourteen weeks, with no regional supply to cushion a slow or stalled reopening. 


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