In other words, crude oil still needs to rise, and Iran is quite resilient.

Risks in the Strait of Hormuz intensify, and tanker freight futures prices soar
Shipping intelligence company Kpler stated that on Monday, due to increased uncertainty in the Strait of Hormuz, the freight futures prices for Very Large Crude Carriers (VLCCs) surged by 85% at one point, then retreated later in the trading session. Spot freight rates for routes from key Middle Eastern oil-producing regions to China have risen from $6.55 per barrel to $12 per barrel, reflecting restricted vessel passage and rising risk premiums. By deadweight tonnage, about 6% of the global oil tanker fleet is stranded in the Gulf region, with VLCCs compliant with current environmental regulations accounting for 9.6%. With crude oil loading limited, a few existing charter agreements are pushing up freight rates. The market expects that export disruptions in the Middle East will increase demand for oil tankers in the Atlantic basin, along the U.S. Gulf Coast, and in India. $TRUMP