Hormuz Workaround Caps Oil's Risk Premium
Oil is trading like the world's most contested chokepoint isn't a chokepoint at all. WTI (CL=F) sits at $86.37, down 0.53% on the day, and Brent (BZ=F) is at $93.49, off 0.31%, both essentially flat even as the Strait of Hormuz standoff remains unresolved. The reason isn't calm. It's a workaround.
Key Takeaways WTI (CL=F) is at $86.37, down 0.53%, and Brent (BZ=F) is at $93.49, down 0.31%, both flat despite an active Hormuz blockade standoff. Axios reported August 19 that the U.S. is running a stealth shipping corridor through the strait moving roughly 10 million barrels a day, about half the pre-war flow, citing two U.S. officials. That partial flow is capping crude's geopolitical premium ev…
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