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And Reuters is playing along with stories like this.

Most of the Gulf suppliers are using alternative routes to get oil out. Iraq is shipping overland through Syria, and the Saudis, UAE and Qatar are using the Saudi cross-Arabian pipeline. Iran also has alternative ways out of the Gulf. It is more expensive, and they can't ship as much, but they are getting oil out.

Much of the "smart" money, plus Iran and the Trump cronies, appear to be really long the oil market, and are trying to talk the price up even tough demand destruction and alternative shipping routes are making the Strait much less important than it was 5 months ago.

My suspicion is that a lot of traders are going to lose their shirts if oil does not cross back over $100/barrel.