Hormuz Is Overhyped Or Markets Face Trouble

Authored by Mark Cudmore, Bloomberg macro strategist,

Stocks are likely to sell off hard again before the weekend.

We are now into the fifth day of the Strait of Hormuz being effectively closed. My whole career I have been told that such an event would be cataclysmic for energy markets. Maybe that’s wrong? I’m entirely open to that idea but there’s an alternative explanation which is very bearish for stocks.