Good morning. The macroeconomic risk you did not realise you needed to worry about in 2026 is barnacles, which are snarling up ships stranded in the Strait of Hormuz. The maritime critters are probably not the main reason why oil prices picked up again yesterday, but hopes for a breakthrough remain, at best, fragile.
We have a long weekend coming up in the UK and US, so this will be the last newsletter from us until Tuesday. Enjoy the long weekend, if you get one. As always, your thoughts: unhedged@ft.com
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