We have no idea where all this is headed, but the Trump announcement last night of a deal to get the Strait of Hormuz open has, of this writing, reduced the oil futures price by almost 20%. This is one of the largest 12-hour reductions in oil prices in history. This is the equivalent of a 75 cent to $1 a gallon reduction in the price at the gas pump. If the Strait is open (and NO IRANIAN TOLLS, MR. PRESIDENT), we believe the price can return to where it was before the Iran conflict began.

