The first reaction to this update about the Strait of Hormuz isn’t really how much oil prices are up—it’s that many people actually can’t trade right away. On the evening of July 12, Iran announced again, again, again, and again that it has shut down the Strait of Hormuz😂. There was a missile exchange between Iran and the U.S.; $WTI crude oil at the start of the Asian session jumped directly by 4%, moving above $74. The most awkward thing about this kind of market is that: once the news breaks, risk starts getting priced in, but the traditional markets are still resting.