Vessels transit the Strait of Hormuz off Bandar Abbas in southern Iran on August 10, 2026. The US President signalled on August 9 that he was prepared to let economic pressure mount against Iran, apparently backing away from more military strikes after Tehran issued a list of demands for opening the Strait of Hormuz. His remarks came after Iran issued over the weekend a list of conditions to reopen the Strait of Hormuz, which has remained largely closed since the start of the Middle East war in late February. (Photo by ATTA KENARE / AFP) /
After more than five months of conflict, oil markets continue to surge and tumble over the latest developments in the US-Iran clash, including President Donald Trump’s shifting pronouncements.
What is behind the market’s volatility?
– The ‘shock’ of Hormuz –
While the potential vulnerability of the Strait of Hormuz has long been viewed as a risk, oil markets have still been caught off guard by Iran’s ability to largely close the crucial waterway.
