Commodity Compass - 4/24 - Brent Heads Above $100 Once Again; Concerns in Wheat Country

The Strait of Hormuz stalemate is now entering its ninth week, and the numbers are becoming staggering. Thirteen million barrels per day remain shut in. Cumulative supply losses have now surpassed six hundred and fifty million barrels — roughly seven days of total global consumption, gone from the market since the conflict began. Iran’s Revolutionary Guard seized two vessels this week, following attacks on three ships in the strait, a sharp escalation that underscored how far the situation is from any practical resolution.