This week’s commodity story came in two acts.

Act one: Wednesday, April 8th. President Trump announced a two-week ceasefire between the United States and Iran, with Tehran agreeing to reopen the Strait of Hormuz as a condition.

Act two: the breakdown. The ceasefire began unraveling almost immediately. Pakistan’s Prime Minister announced it covered all fronts including Lebanon — Trump and Netanyahu disagreed publicly. Iran announced tolls of more than one million dollars per ship through the Strait.