I think the restart scenarios need to stop being just binary (is Hormuz ‘on’ or ‘off’). There’s a very realistic prospect that we restart partially for months with Iran restricting traffic to countries that don’t enforce US sanctions or transact in USD, for example.
I think the restart scenarios need to stop being just binary (is Hormuz ‘on’ or ‘off’). There’s a very realistic prospect that we restart partially for months with Iran restricting traffic to countries that don’t enforce US sanctions or transact in USD, for example.
"The haves will outbid the have nots, and you can take ours . . . for a rich price."
1. What's your take on Art Berman's view: https://x.com/aeberman12/status/2047369251111960963?s=20
2. Demand destruction could arrive sooner than the rich price, so the rich price may not materialize?