MacroVoices Erik Townsend &amp; Patrick Ceresna welcome, Rory Johnston. They discuss the Hormuz crisis, China’s role in tempering global oil demand, and the outlook for what comes next as negotiations evolve in the middle east. https://bit.ly/4eIFMaO 🔻Download Big Picture Trading Chartbook 📈📉: https://bit.ly/4fbzxMJ ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔴 Subscribe to Erik&#x27;s Substack: https://eriktownsend.substack.com/

MacroVoices #539 Rory Johnston: Hormuz Crisis, is it Really Over?

Macro Voices

This is Macro Voices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices and other sophisticated investors. Macro Voices is all about the brightest minds in the world of finance and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are your hosts, Erik Townsend and Patrick Ceresna.

Macro Voices Episode 539 was produced on July 2nd, 2026. I'm Erik Townsend. Commodity Context founder Rory Johnston returns as this week's feature interview guest. Rory and I will discuss the Hormuz Crisis, China's role in tempering global oil demand, and the outlook for what comes next as negotiations evolve in the Middle East.

We're excited to introduce a show format change this week. I'll be stepping away from the post-game market wrap segment to make room for Maciel Begden to join the team. The old post-game segment will be replaced by our new and improved Macro Voices trading disc, where Patrick and Maciel will deliver a fast-paced market wrap featuring Patrick's trade of the week, fresh positioning insights from the Commitment of Traders reports, and a concise breakdown of the key markets you need to watch.

It's a new addition to Macro Voices, and I think you're really going to enjoy it. And I'm Patrick Ceresna. We saw another week of meaningful repricing across the macro markets. The S&P 500 advanced roughly 164 basis points week over week, continuing to push higher as risk assets remained firm.

But the more notable move week over week was once again in crude oil, with WTI falling another 690 basis points to 67.26, as the market continued to unwind geopolitical premium and press the downside in energy. So we've got some important moves developing here, and in our new Macro Voices trading disc segment,

MacroVoices #539 Rory Johnston: Hormuz Crisis, is it Really Over?

Read the full transcript

The candid version is on a podcast,
not the earnings call.

MacroVoices #539 Rory Johnston: Hormuz Crisis, is it Really Over?

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.