The container ship Ever Lovely came under fire off the southeast coast of Oman on Thursday. The attack halted the International Maritime Organization’s plan to evacuate stranded ships from the Gulf and underscored the fragility of the understanding between the US and Iran that has nominally reopened the Strait of Hormuz. Yet as far as the oil and other derivative product markets are concerned, the war is over.
Spot oil and urea prices are back below the levels seen at the start of the conflict.
Brent futures have been in modest contango at the front end of the strip for the first time since the outbreak of the conflict.
Even at the peak, the oil price shock in real terms remains modest by historical standards.
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