The US-Iran conflict continues to be closely watched by global markets because of its effect on crude shipments and refined fuel supplies. Oil tankers have begun returning through the Strait of Hormuz, helping Middle East crude exports move closer to pre-war levels, but disruptions to shipping and refined-product flows remain.
The continuing uncertainty has kept transportation and fuel costs elevated. Higher energy and shipping costs could feed into inflation and borrowing costs, while any further improvement in shipping through the Strait could ease some of the supply pressure.
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