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20 April 2026

Ormuz: open, closed, open, closed...

Dramatic turn of events this weekend. After declaring the Strait of Hormuz "completely open" on Friday, causing an 11% collapse in oil, Iran reversed course on Saturday and closed the strait. The ceasefire expires on April 21. Volatility is back. The dollar wavers between its role as a safe haven and the growing distrust of investors towards it.

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