Trump Calms Oil Markets as Hormuz Crisis Persists

Oil markets are showing cautious optimism as traders bet Donald Trump may soon wind down the conflict. Hormuz Bottleneck Sparks Middle East Mega?Cuts- With the closure of the Strait of Hormuz entering its second week, Middle Eastern producers have started to collectively curb output as laden tankers continue to pile up in the Persian Gulf.- Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates have already slashed their production by as much as 6.7 million b/day, with Iraq taking the lead with a massive 3 million b/day cut.- The Middle East…