The market expected clarity on opening the strait but got the opposite. Trump's move to blockade Hormuz risks upending the little oil that had been going through, putting us back to stage zero with no oil coming out and no clarity.

This is an increase of tension. How does Iran respond? Will the ceasefire now dissipate? Clearly, the oil market is pretty anxious. European gas is rising as much as 18%. Hormuz is key for gas because 20% of LNG flows to Europe and Asia go through it.