Energy Update – Morning Express – Blue Line Futures

Update: Summary: The war with Iran is continuing with a new wave of strikes being initiated by the US this morning. Through this week, the two sides have traded strikes with Iran again striking Gulf neighbors in retaliation. The Strait of Hormuz is reclosed again, but the US and Oman seem to have momentum in gaining control. While a higher risk premia is warranted, markets seem to believe either A) This restart is short term or B) The US may gain control of the Strait quickly. If the US can gain control of the Strait and allow for the free-flow…