Oil product price pain is set to rise as the Strait of Hormuz stays closed into summer

Market is starting to take US/Iran headlines with a pinch of salt.

Brent crude rose $2. 8/b yesterday to an official close of $112.

1/b.

But after that it traded as low as $108.

05/b before ending late night at around $109.

7/b.

Through the day it traded in a range of $106.

87 – 112.

72/b amid a flurry of news.