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Global Daily: Back to the Well

18 May 2026 7:29 RaboResearch

Hormuz diary, day 79. The strait remains functionally closed and global crude and refined product stocks are rapidly drawing down. President Trump has returned from Beijing after much bonhomie with no concrete commitments from China to help get shipping moving again, though the American side has claimed that China wants the strait to re-open with no tolls imposed and has committed to buy at least $17bn of US agricultural products annually.

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