Energy

Oil Edges Lower After Six-Day Gain With Hormuz Impasse in Focus (1) - Energy Connects

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DW NOTE

Oil fell after a six-day rally despite the Strait of Hormuz remaining 92% closed — six transits Monday versus the normal 73. Markets are discounting what they shouldn't: 2,000 ships stranded with a six-month demining timeline and Iran confirming no full reopening even if a deal is struck. WTI at $82.98 is still 26.5% below its one-year high. Either traders expect a rapid resolution that Iran has explicitly ruled out, or they're pricing in demand destruction that hasn't shown up yet.

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Oil Edges Lower After Six-Day Gain With Hormuz Impasse in Focus (1) - Energy Connects

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