Marketwatch say today's drop in oil prices is speculation on a peace treaty.

It's certainly not a reaction to conditions on the water, which are unclear at best (the US say they blocked all Iranian-bound ships through the Strait, tracking agencies tracked four Iranian ships making it through, etc).

The IEA have a paper out projecting demand destruction of around 700,000 bbd in oil consumption this year vs projections, turning an expected growth in consumption to a small actual decline, which I consider good news. That's price- and availability-dependent, but some is baked in already.

It _feels_ like traders are convincing themselves this'll blow over soon. Whether they're right, well - we'll see.

#oil #OilPrices #IranWar #StraitOfHormuz