Oil Higher as Trump Gives Iran Two-Day Hormuz Reopening Deadline

Oil prices are still grappling with the fundamental fact that the Strait of Hormuz is still largely closed and presumably will remain largely closed after that deadline. I don't think anything fundamentally changes for the oil market, apart from the fact that this conflict will continue to seem intractable. If Trump follows through on his threat, however, it will be an enormous escalation, especially given the threats Iran has made to retaliate against assets across the Gulf, including energy assets.And it ...