Article
Comfortably Bomb
Comfortably Bomb
By Michael Every of Rabobank
Hormuz update: Comfortably Bomb
Summary
The US-Iran MoU appears to have collapsed sooner than we had thought.
With both sides striking the other, US efforts will turn to ensuring energy can flow through Hormuz ‘the hard way’ via escorting ships through it.
For now, markets are saying the US can ‘comfortably bomb’ and ‘there is no pain’ even if the ‘MoU are receding’, mostly due to finite SPR drains and low Chinese oil imports.
That gives the US a window for action: if it can...
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