President Donald Trump accused Iran of violating the ceasefire on Friday after saying Tehran launched at least four one-way attack drones at ships transiting the Strait of Hormuz, including one that struck the upper deck of a cargo vessel.
“Obviously, this is a foolish violation of our Ceasefire Agreement,” Trump wrote on Truth Social, adding that U.S. forces shot down three of the drones while the damaged ship was able to continue its voyage.
Weeks ago, that would have launched crude. This time, the market barely flinched.
The war premium that was supposed to keep crude bid for years has now fully evaporated.
Despite Trump’s warning, oil is now on pace for its worst month since March 2020, with Gulf supply returning faster than anyone modeled.
