"Illusion Of Plenty": JPMorgan Explains Why Hormuz Will Reopen By September... One Way Or Another

At the start of April, we published a lengthy report in which we used JPM research to try and answer what - with the Strait of Hormuz still indefinitely blockaded for who knows how much longer - may be the most important question for the oil market: "How Long Before The World Hits Crude Oil Operational Minimum: JPMorgan Does The Math." And while commodity traders got the message loud and clear, sending Brent to a new post-war high (at least until last night's BOJ intervention which in addition to buying $90BN of yen also shorted Brent crude), equities have continued to levitate in blissful ignorance of what is coming, pushing stocks to record highs while the disconnect between the S&P and rates/commodities (in this case the 10Y yield and Brent) has grown to the widest it has ever been.