Framing Analysis
Bloomberg.com reports that the Strait of Hormuz has reopened with increased tanker transits following a US-Iran ceasefire. Some vessels are making U-turns or using the Iran route, while major container lines have withdrawn most ships from the Middle East Gulf. Unverified reports from Yahoo Finance indicate that banks including UBS, Goldman Sachs, and Morgan Stanley have revised oil price forecasts downward amid claims of rising supply.