Bob Elliott
· Nonconsensus
· July 19, 2026 at 22:06
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Summary
The Iran war escalation will continue to disrupt Hormuz shipping, keeping oil inventories falling and putting upward pressure on oil prices during an already thin summer trading week.
•The weekend saw further escalation of the Iran war, which the author calls 'legally new'.
•Hormuz difficulties are expected to persist for a while, implying sustained supply disruption.
•Oil inventories are falling as a direct result of the Hormuz situation.
•The market is starting to question extreme pricing, risking a challenging thin summer trading week.