Multi Asset chart of the week | Insight Investment

Inflation swap rates have retraced to year-to-date highs as odds of Strait of Hormuz reopening fall

Shantanu Tandon, CFA, Portfolio Manager, said: “While the outlook for a resolution to the US–Iran conflict remains uncertain, market expectations of a normalisation in traffic through the Strait of Hormuz have continued to deteriorate. The probability of normalisation of traffic through the Straight of Hormuz by the end of May has now dropped below 40%. With the conflict now in its eighth week, the price of six‑month futures of Brent crude oil has remained elevated, reinforcing upward pressure on inflation”^†

Source: Insight Investment, Bloomberg as at 27 April 2026.