Intertwined Themes August 11, 2026

HORMUZ IS BEING PRICED AS A PERMANENT CONSTRAINT

• Strait of Hormuz traffic fell to six vessels on August 11 versus a 10-day average near 11. Read This: Reuters
• Kpler logged Hormuz crossings sliding from 15 to 11 to six across August 7–9, a 32 three-day total. Read This: @Kpler via X
• Gulf producers now treat Iranian control of Hormuz as semi-permanent, according to officials cited August 10. Read This: The Wall Street Journal
• European gas futures jumped more than 10% on August 10 as traders doubted any quick Hormuz reopening. Read This: Bloomberg