The world’s oil traders, not to mention motorists, will have been delighted to learn over the weekend that the Strait of Hormuz was, according to US Defense Secretary Pete Hegseth, perfectly fine. “The only thing prohibiting transit in the straits right now is Iran shooting at shipping. It is open for transit, should Iran not do that.” The US, he said, is dealing with it, and they “don’t need to worry about it”.
Strangely unreassured, traders pushed the price of oil back up over US$100 a barrel.