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Hormuz "reopening" headlines miss the real story.
The IEA already burned through 400M+ barrels of emergency reserves to keep oil prices down during the closure.
Those don't refill on their own. That's months of buying pressure ahead.
Only half of pre-war tanker traffic returns by end of June. 99M barrels still stuck on 247 ships inside the strait right now.
Oil shocks take 2-4 months to hit inflation data. This one started in February.
Crisis isn't over. It's deferred.