Deflating the War Premium

The sudden removal of immediate maritime boarding risks has led to an unwinding of speculative long positions. While the market remains in a structural deficit, the immediate threat of a total supply cutoff has vanished.

Inventory and SPR Draws

A record 400 million barrel SPR release coordinated by the IEA is beginning to hit market sentiment. This massive liquidity injection is intended to bridge the supply gap while the Hormuz backlog clears.