Hormuz at a Crawl: What Monday's Oil Open Is Pricing
The deal that held crude through Friday's close was the hope of a fast reopening, and over the weekend that hope broke. The president rejected Iran's seven-day offer to reopen the Strait of Hormuz, according to a Saturday dispatch from Al Jazeera and ABC, and the strait stayed effectively closed into Sunday morning: one transit on September 20 against an 85-per-day baseline, per IMF PortWatch via the Straits Daily Brief, with 262 vessels holding at 02:49 UTC on Sunday. That is not a geopolitical sidebar. It is the supply line a third of the world's seaborne oil moves through, and it reprices the entire complex before the cash open.
Key Takeaways Hormuz transits are at a crawl: 1 on September…
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