Friday delivered the new highs we flagged as possible. It also delivered the hazardous risk overlay we said would accompany them. By Saturday morning Iran had re-closed the Strait of Hormuz, IRGC gunboats had fired on Indian tankers without warning, and the Lebanon ceasefire Iran tied its opening gesture to was already producing casualties. The US-Iran negotiating gap is unchanged. The commodity deficits are unchanged. The mispricing that existed on April 9 is now more extreme, not less.
Archive | April 18, 2026
