A few more weeks of the status quo, where most tankers are prevented from crossing the Strait of Hormuz, will push the current crisis into a whole new phase.

The U.S.' bid to re-open the Strait of Hormuz, dubbed "Project Freedom," was nicknamed "Project Deadlock" by Iran.

A few more weeks of the status quo, where most tankers are prevented from crossing the Strait of Hormuz, will push the current crisis into a whole new phase.

With the current status quo being the most likely scenario going forward, market watchers are forced to consider how continued Hormuz restrictions will play out.

By any historical yardstick, the near-closure of the Strait of Hormuz should have triggered a full-scale panic across oil and financial markets.

Oil prices jumped on Friday after the U.S. and Iran exchanged fire in the Strait of Hormuz, raising fresh fears that the fragile ceasefire between the two countries is rapidly…