18 June 2025: 09:30 BST
After slowly bouncing its way lower through this morning’s session, flat price leapt on Iranian state television’s announcement that a full closure of the Strait of Hormuz is imminent if blah blah blah. Brent front month rallied from $75.34/bbl at 10:50 BST, up to over $76.40 again in about 20 minutes. Normal in this kind of market. At the same time, Iran is saying there will be a surprise tonight that the world will remember for many centuries. But they said the same thing yesterday and the day before. Every day it’s the same rhetoric, we think it is to deprive the Israelis from a proper night of sleep. But closing the Strait, as we have said before, makes no sense. However, giving the illusion does make sense. Now we know they are long!
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