Oil Surges With No Hormuz Deal in Sight - WSJ
Oil Surges With No Hormuz Deal in Sight - WSJ
Source: WSJ
―
DW NOTE
The strait carried 21 million barrels a day before the mines went in — roughly a fifth of global oil supply. WTI is up 10% in a week but still trading 26% below last year's high, which tells you the market spent most of 2026 pricing in a peace that never arrived. Iran says explicitly that any deal won't reopen the waterway, and 2,000 stranded ships suggest the strait stays shut for months regardless of diplomacy. This isn't a supply shock, it's a supply amputation.