BREAKING: Commercial shipping through the Strait of Hormuz has surged to 10 million barrels of crude oil per day, per Bloomberg. Details include: 1. Traffic has increased sharply since the 60-day "Memorandum of Understanding" was signed 2. Oil volumes through the Strait of Hormuz still stand ~50% below pre-war levels 3. Uncertainty still exists around what will happen with the Strait of Hormuz once the MoU expires US oil prices are down over -40% from the recent high.(The Kobeissi Letter)