Since the signing of a Memorandum of Understanding (MoU) between the U.S. and Iran, energy stocks have given up most of their gains and oil prices have fallen precipitously from recent highs. Both parties agreed to a 60-day ceasefire to hammer out the details—they reported encouraging progress from last Sunday’s meeting in Switzerland with Vice President JD Vance and Iran’s minister of foreign affairs, Abbas Araghchi in attendance. After signing the MoU, oil has begun to flow

As of this writing, the blockade of the Strait of Hormuz continues with little sign of reopening. President Trump’s May 13–15 visit to Beijing with President Xi Jinping seemingly produced few tangible results. Despite both sides calling for a rapid reopening, there was no sign of a breakthrough between the two superpowers on how to achieve that. Both leaders agreed that the Strait of Hormuz must remain open to support the free flow of energy. President Xi also reiterated Chin

Stocks soared and oil prices plunged on the heels of Iran claiming that the Strait of Hormuz is “completely open” on April 17th. However, the situation remains fluid and could reverse quickly. Iran’s declaration is linked to the continuation of the Israel-Lebanon ceasefire and contingent on removal of the U.S. naval blockade, which President Trump has said will remain “in full force” until a formal peace agreement is reached. THE MONEY ILLUSION AND OIL PRICES In this comme