RBC Explains How A "Memento" Mindset On Iran "Over Soon" Headlines, Will Lead To Catastrophic Oil Hard Landing

A quick snapshot on where we stand: on Thursday, the US intercepted four Iranian drones in the Strait of Hormuz and conducted strikes on Iranian military positions near Bandar Abbas. The IRGC in response launched a ballistic missile targeting a US base in Kuwait, which was successfully intercepted by Kuwaiti forces. The kinetic action Thursday came after the US conducted strikes on two vessels laying mines in the Strait on Monday, as well as against a surface-to-air missile site in Bandar Abbas.

Following these flare-ups, there were reports that both sides were poised to sign a 60-day ceasefire extension that would lead to further negotiations and unrestricted navigation through the Strait of Hormuz.