The crisis in the Strait of Hormuz is not even close to being resolved, and global oil supplies continue to get tighter and tighter. The world has been running an “oil deficit” for months, and we have been able to do that by running down commercial oil inventories and strategic national reserves. There was hope that traffic through the Strait of Hormuz would return to pre-war levels before things got really hairy, but that isn’t happening. In fact, in recent days only about 30 to 40 commercial vessels have been traveling through the Strait each day. Before the war, the average was about 120 to 130 commercial vessels per day. The vast…
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