Two Questions And Five Scenarios For What Happens Next

Now that the initial euphoria over the 2-week ceasefire has faded and investors are focusing on the fine print, they realize that the ceasefire offers only temporary relief, with key risks unresolved and the energy shock far from over.

Hormuz will “never go back to the way it was before,” said Vital Knowledge’s Adam Crisafulli. “Iran’s ability to shut the waterway will embed a risk premium in the price of all commodities flowing through it for the foreseeable future.”