A U.S.-Iran peace deal is not weeks away. Officials in the Gulf region are bracing for a timeline closer to six months. The Strait of Hormuz remains effectively shut. Flows are nowhere near normal. Gulf exporters are unable to move crude, LNG, and refined products at scale. That is already showing up in prices. Brent climbed nearly 5% on Thursday to trade above $99 per barrel and remains roughly 36% higher since the war began in late February. Leaders in the region want the Strait reopened immediately, and their concern goes well beyond energy.…
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