Strait of Hormuz expected shut for months with oil set for new highs, Tracy Shuchart notes

Strait of Hormuz expected shut for months with oil set for new highs, Tracy Shuchart notes
Strait of Hormuz closure to drive oil

Tracy Shuchart, independent trader and strategist at Independent / Trader, reports that Piper Sandler expects the Strait of Hormuz to remain closed for months, pushing oil prices to new highs.

Piper Sandler does not believe an Iran deal is imminent and has advised clients that the key waterway will stay largely closed, which could drive further oil price increases.

Shuchart has recently commented on supply pressures in other commodity markets. She noted that global copper scrap supply could tighten as Japan limits exports to retain premium material for its own smelters. Separately, Shuchart observed that yields on Japanese government bonds are rising, narrowing the gap with global peers and affecting borrowing costs.

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