A Chinese oil tanker, Rich Starry, was forced to retreat from the Strait of Hormuz due to a US blockade. Strait of Hormuz traffic returning to normal by April 30 sits at 10% YES, up from 8% a day ago. The Rich Starry incident shows the blockade enforcement is tightening. The April 30 market holds at 10% YES, while the May 31 market is at 80% YES. The gap between 10% and 80% across those five weeks means traders expect a resolution catalyst sometime in May. The Trump blockade announcement…
Chinese tanker Rich Starry retreats from Strait of Hormuz amid US blockade
