Crude exports through the Strait of Hormuz surpassed 𝟭𝟰𝗠 𝗯𝗽𝗱 last week — the first time clearing that level since the Iran War began. A +𝟮𝟭𝟬% 𝗿𝗲𝗯𝗼𝘂𝗻𝗱 from the ~4.5M bpd trough in March, now at roughly 80% of pre-war volumes. Refined fuel shipments (gasoline, diesel, jet fuel) remain at only ~50% of pre-war levels as damaged refineries haven't fully restarted. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Crude supply normalization is 𝗱𝗶𝘀𝗶𝗻𝗳𝗹𝗮𝘁𝗶𝗼𝗻𝗮𝗿𝘆 through the oil price channel, feeding into lower inflation expectations and dovish rate pressure — supportive for BTC as a non-yielding risk asset. But the persistent refined-fuel constraint at 50% means the inflationary impulse from fuel is not fully resolved. Watch for refinery restarts to complete the disinflationary picture. Brent crude and BTC perps are both tradeable on Hyperliquid for direct positioning. source: KobeissiLetter Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2824