Futures are ripping on the back of a two-week ceasefire between the US and Iran, which has oil trading ~15% off highs overnight…

… given the Strait of Hormuz should be open for business during the pause, driving a potential rebound in traffic through the channel.

With confusion around terms, what happens next is anyone’s guess - but trades that worked during the conflict could unwind if we get the off-ramp markets are starting to price.