Energy

Oil Rises Amid Growing Doubts That Strait of Hormuz Can Reopen Soon - WSJ

Source: WSJ

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DW NOTE

The Strait has been effectively shut for over four months. A draft reopening agreement has been sitting on the Supreme Leader's desk for four days. Oil is up because traders have stopped believing it gets signed — which means they've stopped believing 2,000 stranded ships and 4 million missing barrels per day get resolved on any schedule that matters.

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For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor

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