The Nine-Week Standoff

The IEA has labeled the current conflict as the largest energy supply shock on record. With Hormuz traffic effectively at zero, the market remains in a state of acute physical deficit despite record U.S. output of 13.5 million bpd.

Diplomatic Skepticism

Washington has expressed skepticism toward the latest Iranian proposal, which calls for lifting the naval blockade in exchange for a temporary nuclear freeze. This lack of clear progress is keeping the 'war premium' firmly in place.