Market fears continue to ease, a far cry from where we started the week. Monday this week, that VIX or fear index on Wall Street was soared past 35, the highest since COVID days in 2020.
Today, that index dropping back toward 20, indicating a lot more calm on Wall Street, though 1516 is an accepted number. Likewise, crude oil near $120 a barrel on Monday is now closer to $80 as we move to the end of the week. Bottom line analysts say it’s doubtful Iran even had the capability of blocking the Strait of Hormuz, but it has succeeded in creating enough fear that only a few tankers have dared to enter or leave the Strait.
And along with that, bottom line analysts say full attention now being given to the Kharg Island, from where 90% of Iran’s exports flow before revolutionaries destroy facilities there.
Audio Reporting by Mark Oppold for Southeast AgNet.