If last week was the ceasefire that wasn’t, this week was the reopening that wasn’t. The U.S. Navy opened the week by announcing a blockade of Iranian ports and mine-clearing operations in the Strait. Oil rebounded sharply — Brent pushed back toward $99 — as the Islamabad talks between U.S. and Iranian officials collapsed midweek and the supply disruption narrative hardened.
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Commodity Compass - 5/1 - Grains Head Higher on Fertilizer Squeeze; UAE Leave OPEC+
Commodity Compass - 4/24 - Brent Heads Above $100 Once Again; Concerns in Wheat Country
Commodity Compass - 4/10 - Commodity Trades the Week in Two Acts
Commodity Compass - 4/3 - Historic Inversion with Brent and WTI
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