Mill Street Research @millstreetresearch.com · Jun 24 Oil prices down again today, with the front-month WTI future down to $71/bbl (from earlier peaks around $110). This is because more ships are moving through the Strait of Hormuz, though which ships can do so (and for how long) and the fees (not tolls!) they pay remains uncertain.
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There is still a ways to go before Strait traffic will return to pre-war levels, but a partial opening and the workarounds being used mean that the supply gap has clearly narrowed now. 10-year bond yields are about 5bps lower today, helping stock futures rebound from yesterday's drop.