Hormuz Uncertainty Outlasts Reopening Hopes

The week turned on Hormuz's failed transition from crisis to normality: agreements and reopening signals lowered prices, but traffic stayed erratic as Iran renewed its closure threat and imposed an insurance condition. That uncertainty pushed oil markets toward surplus while China cut crude demand, refiners faced stranded Gulf barrels, and Iraq prepared to restore production.

Outside the chokepoint, utilities confronted AI-driven grid constraints, US policy redirected offshore-wind investment, and California continued replacing gas with solar. Qatar's LNG recovery effort showed that energy markets were rebuilding flows while critical infrastructure remained exposed.