CL Brent crude opened Monday above ninety-three dollars a barrel, and tanker traffic rerouting around Hormuz has since landed in every container moving through Kwai Chung. The ceasefire that was supposed to hold through the weekend did not. The gap between what markets expected and what happened is now sitting in freight rates, fuel surcharges, and the quarterly outlooks of every logistics firm with a Hong Kong address., CL-- CL

MB The Hormuz tanker hit over the weekend and the seventy-two-hour ceasefire are the same story at two altitudes: one about a shipping lane, one about what Washington and Tehran are each willing to let the other believe is still on the table. When the gap between position and reality gets too wide, institutions announce the next step loudly. It covers the fact that the previous step failed quietly.-- MB