A week ago the market had the Iranian blockade ending in August. It does not anymore.
Ends by Aug 31 64.5% a week ago, 36.5% now
Ends by Sep 30 84.0% a week ago, 59.5% now
Ends by Oct 31 88.0% a week ago, 70.0% now
Every date on the curve moved down. $11.7M is sitting on this one question.
Oil is pricing the same thing. WTI touching $90 in August is up to 40%, and the
Strait of Hormuz returning to normal by month end is down to 4.3%.