Hormuz reopens — oil crashes 10% but the damage is structural

Iran’s foreign minister declares the Strait of Hormuz “completely open” for the remainder of the ceasefire. WTI plunges 10% in a single session. Eight crude carriers advance toward the chokepoint. But reopening a waterway doesn’t undo six weeks of global supply shock: the IEA says Middle East output could take two years to recover. The real story isn’t the oil price bounce — it’s that India, China, and a dozen other importers have already begun settling energy trade outside the dollar system. Once you route around the petrodollar, you don’t route back.