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Hormuz remains closed, making it difficult for crude oil to fall
Just released news, Iran's Parliament Speaker Kalibaf firmly stated: "Reopening the Strait of Hormuz is impossible under blatant violation of the ceasefire."
In other words—don't expect the strait to open in the short term; the door is firmly shut.
Why is this important? Because the market previously held onto a little hope that "ceasefire means navigation can resume." Now, the Iranian officials have directly dashed that expectation. Crude oil prices had already risen last night, and with this news today, oil prices will only strengthen.
In a nutshell: if the strait doesn't open, crude oil won't decline. Don't go against geopolitical risks.