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Hormuz Chaos Unwinds Friday’s Peace Rally
Friday’s euphoric rally — which pushed the S&P 500 to a record 7,125.36 (+1.2%) and sent Brent crude tumbling 8.7% to $90.71 — is being unwound after Iran re-closed the Strait of Hormuz over the weekend, citing the continued US naval blockade of its ports. Weekend futures show Brent crude surging 7.25% while the Nasdaq 100 dropped 1.01%. The US Navy seized the Iranian-flagged cargo ship Touska after firing on its engine room — the first major encounter of the week-old blockade. Iran has declared it will skip the next round of US-Iran talks in Islamabad and warned that vessels approaching…
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