Oil markets and Middle East producers appear to be aligning around a new reality: The Strait of Hormuz is no longer expected to return to a prewar norm.
Renewed fighting over the weekend and President Trump’s announcement that he was reimposing the U.S. blockade on Iranian shipping through the strait pushed Brent and U.S. crude futures up nearly 10%, wiping out a month of oil-price declines that came as skirmishing in the Persian Gulf waned and tanker traffic appeared to be returning.
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