Bob Elliott
· Nonconsensus
· April 09, 2026 at 09:34
· ⏱ 3 min read
| Read on Substack ↗
Summary
The author expresses skepticism about the market's euphoric reaction to a recently announced ceasefire. Despite the rally, physical transit through the Strait of Hormuz remains limited, suggesting the risk of oil supply disruptions to the global economy persists.
•A two-week ceasefire announcement led to a significant market rally over a 24-hour period.
•Despite market optimism, transit through the Strait of Hormuz is still restricted.
•This poses an ongoing risk to the global oil supply for at least several more weeks.