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How Chase, BofA, Wells are luring borrowers in a 7% market


With mortgage rates sidelining homebuyers, major banks are looking for ways to spark activity. 

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“A 7% mortgage rate sounds profitable for banks until you look at everything happening around it,” said Jeffrey Edwards, founder and CEO of FFERM Technologies. “Banks are facing fewer originations, expensive deposits, low-yielding assets that remain on their books longer and borrowers taking on greater future payment risk. Those pressures cannot be measured separately because one can quickly amplify the others.”

Some banks have launched affordable homeownership programs, while others are running limited-time rate sales as a result. 

Below is a roundup of what the top depositories are currently offering mortgage borrowers. 

Chase Home Lending relaunches rate sale

Chase Home Lending, the mortgage division of JPMorgan Chase, is running a limited-time rate sale from Sept. 14 through Oct. 4. Homebuyers and homeowners across the country can lock in a discounted rate on all new mortgage purchase and refinance loans from Chase. 

The sale is available for both new and existing customers, and qualified borrowers could receive up to 0.25% off their rate, although it varies by state. The discount can also be combined with other Chase offers, grants and discounts, the bank told National Mortgage News in an email.

Chase first launched a weeks-only sale a little more than a year ago, and has now brought it back twice since.

Citizens Bank expands product suite

Citizens recently rolled out its nonagency expanded offering, designed to serve borrowers with more complex financial profiles. It also added state-specific affordable homeownership programs, including the Pennsylvania Housing Finance Agency bond product and Connecticut Housing Finance Authority’s Time To Own program. 

All are permanent fixtures in the bank’s mortgage product portfolio.

“Homebuyers have increasingly diverse financial situations, and we’re focused on providing solutions that meet customers where they are,” Raman Muralidharan, head of mortgage at Citizens, told National Mortgage News. “Our expanded nonagency offering helps address the needs of qualified borrowers whose circumstances may not fit within traditional lending frameworks.”

The launch also marked the implementation of Polly, the bank’s new product and pricing engine. It enhances Citizen’s ability to bring future product and pricing changes to market quicker and support more dynamic pricing decisions, Muralidharan said. 

Bank of America’s affordability programs

Bank of America has been touting multiple cost-saving tools to help buyers. For example, it provides grants of up to $17,500 that help eligible buyers cover upfront down payment and closing costs through its Community Homeownership Commitment program. 

Borrowers can use these grant funds to permanently buy down their mortgage interest rate, securing lower monthly payments for the life of their loan, Matt Vernon, head of consumer lending at Bank of America, told National Mortgage News. Since introducing the program, the bank has delivered over $15 billion in affordable home loans to more than 57,000 homebuyers.

Existing customers can also leverage BofA Rewards to receive home loan perks, including origination fee reductions and interest rate discounts.

Wells Fargo offers existing customers rate discounts

Wells Fargo offers perks primarily to existing customers. Borrowers can earn a rate discount or closing cost credit when they have eligible assets with the bank. Benefits are based on the combined balances of eligible accounts and any funds added before the mortgage is final, according to its website.

Sandra Ho, head of sales and strategy execution for Wells Fargo Home Lending

“Whether that’s helping customers secure relationship-based pricing benefits, delivering on closing date guarantees for purchase customers, or working with builders to provide rate buydowns to their customers, we’re looking for ways to simplify the mortgage process and deliver predictable outcomes,” Sandra Ho, head of sales and strategy execution for Wells Fargo Home Lending, told National Mortgage News. 

Navy Federal Credit Union provides rate protection

Navy Federal also brings new offerings to help mortgage borrowers reduce costs. Of the products available is a no-refi rate drop, which allows eligible borrowers to lower their mortgage rate after at least six consecutive on-time monthly payments without refinancing. The new rate must be at least 0.25 percentage points lower, and each reduction costs $250, a spokesperson told National Mortgage News. 

Additionally, Navy Federal offers a no-cost freedom lock, in which borrowers receive a 60-day rate lock and may request up to two reductions if rates improve, with a maximum combined decrease of 0.25 percentage points. The credit union will also match an eligible competitor’s locked rate or provide a $1,000 incentive if the member closes with that competitor.

Navy Federal relaunched its Homebuyers Choice loan at the beginning of the year as well. New features include: Competitive rates for first-time homebuyers and those with lower credit scores, flexible down payment options, waived funding fee with a 3% down payment and Private Mortgage Insurance is not required.



How CC Sabathia Turned a Yankees Legacy Into a Mission for Kids


Opinions expressed by Entrepreneur contributors are their own.

Even great MLB pitchers rarely make it past 15 seasons, especially in the modern era. CC Sabathia, however, slung it for 19 electric seasons, becoming one of the most dominant and durable lefties of his generation. But even Sabathia couldn’t outrun Father Time forever, and in 2019, it was time to hang up his cleats.

Now, as they celebrate the Yankees retiring CC’s iconic No. 52, Sabathia and his wife, Amber, are reflecting on life after MLB and how they’re giving back to their community through the PitCCh In Foundation.

The Sabathias started PitCCh In in 2008, during a major period of transition for the family. CC was in the middle of a major free agency decision and didn’t know which city he would call home next. What he did know was that he wanted to start giving back.

“CC had already donated monetarily to our hometown of Vallejo, but we wanted to make sure the money we were donating was going to the right places and making true change,” Amber Sabathia tells Entrepreneur. “Starting the foundation seemed the only way to do that.”

Having grown up in a Boys & Girls Club, CC has always had a special place in his heart for organizations that help kids through sports and education. That experience helped shape PitCCh In’s mission: enriching the lives of youth through educational and athletic activities.

Despite the demands of his playing career, CC says he was always heavily involved with PitCCh In, even jokingly referring to the foundation as his “fifth child.”

“It’s always just kind of been a part of our family,” the Hall of Famer says to Entrepreneur. “So it was easy to kind of just integrate that part of our lives, have more time, you know, in retirement.”

For Amber, the foundation was never a side project or a sudden idea. Giving back had been part of their conversations for years, with a focus on making a tangible impact rather than simply writing checks.

“This was not a sudden idea,” Amber says. “Giving back was something we had talked about for years. The conversations were about what kind of impact we wanted to have: not just writing checks, but really showing up for kids and their communities.”

From pitching for the Yankees to swinging for charity 

Today, PitCCh In has three signature programs designed to equip young people with the tools they need to succeed both in school and on the field: the All-Star Baseball Clinic, Youth Backpack Program and Field Renovations. The foundation also hosts charitable events, including the Sabathia Shootout, which recently celebrated its sixth anniversary.

The Golf Classic has become one of PitCCh In’s signature fundraisers, bringing together many of the relationships CC has built throughout his career across sports and entertainment. This year’s participants included Michael Strahan, Angie Martinez, J.R. Smith, Gary Sheffield, Ja Rule, Matt Barnes, Dellin Betances and more. According to CC, Matt Barnes put together a strong showing on the course.

But while the celebrity golf event helps raise money and brings together some of CC’s famous friends, he’s most proud of the relationships he’s built with the kids and communities PitCCh In serves.

“The time that we’re able to spend with the kids, seeing the kids every single year from different Boys & Girls Clubs, from our Christmas caravans to our field renovations,” CC says. “We have a lot of different volunteers with the Bronx Knights and different things, and just seeing the kids grow over the years has been the coolest thing.”

Turning experience into expertise

While CC may no longer be on the mound, Amber has kept the family close to the game. In 2021, two years after CC’s retirement, she became a baseball agent with CAA Sports, bringing a unique perspective to the business.

“Living through CC’s career taught me the human side of the business: what a trade feels like for a family, what free agency does to a household, how much trust matters between a player and the people advising him,” Amber explains. “I lived every high and low alongside him, so I understand what players and their families are going through in a way you cannot learn from a book.”

That experience gave her a head start, but it didn’t mean she could simply step into the role. Amber still had to learn the technical side of the business, from contract structures and the CBA to the mechanics of negotiation. More importantly, she quickly learned that being an agent requires just as much listening as negotiating.

“As a player’s wife, I thought I understood the job, but being the advisor is different,” Amber shares. “You’re helping someone make decisions that affect their family, their future, and their legacy. The trust players place in you is humbling, and I don’t take it lightly.”

For Amber, that trust goes both ways. Loyalty has become a major part of how she approaches her relationships with clients.

“My clients are loyal to me, and for that respect, I go hard for them each day,” she says. “I’m excited for the future of my clients and the careers they have ahead. Being a part of that is an honor.”

The next chapter 

With Sabathia’s jersey retirement by the Yankees on September 26, PitCCh In is likely to get an added dose of attention. But even with the spotlight on CC, he’s quick to put the foundation’s mission ahead of his own accomplishments.

“We don’t plan stuff around, you know, getting accolades,” CC says. “It’s just whatever’s best for the kids, whatever can work for their schedule and our schedule, and whatever works best for PitCCh In. A lot of stuff that’s been coinciding, which has been great. But it’s not anything we consciously do.”

Sabathia may have had a legendary playing career, but he’s clearly comfortable with whatever comes next. 

“All of this stuff has just kind of been coming, you know. It kind of is what it is,” he says. “It’s a blessing to have this stuff come. In retirement, you play a long time, and you would hope people will recognize your career. So it’s been a lot of fun to have this stuff. I know my kids are tired of celebrations, but it’s been a lot of fun.”

Even great MLB pitchers rarely make it past 15 seasons, especially in the modern era. CC Sabathia, however, slung it for 19 electric seasons, becoming one of the most dominant and durable lefties of his generation. But even Sabathia couldn’t outrun Father Time forever, and in 2019, it was time to hang up his cleats.

Now, as they celebrate the Yankees retiring CC’s iconic No. 52, Sabathia and his wife, Amber, are reflecting on life after MLB and how they’re giving back to their community through the PitCCh In Foundation.

The Sabathias started PitCCh In in 2008, during a major period of transition for the family. CC was in the middle of a major free agency decision and didn’t know which city he would call home next. What he did know was that he wanted to start giving back.

Asia-Pacific Growth Gets AI Boost As China Demand, Energy Costs Pose Risks


Asia-Pacific’s economic growth is expected to remain resilient as an artificial intelligence-driven technology export boom supports the region, although weak domestic demand in China, elevated energy prices, and tighter U.S. monetary policy pose risks, S&P Global Ratings said.

S&P raised its baseline 2026 growth forecast for Asia-Pacific to 4.6%, up 0.2 percentage point from its previous forecast, and expects the region to grow 4.4% in 2027.

“Strong exports are a key growth driver, especially in economies benefiting from the AI-related tech export surge,” S&P said, adding that domestic demand remained generally resilient outside China.

In the three months through July, U.S. dollar-denominated exports grew by an average 30% year on year across the region, with only Indonesia and Japan recording growth below 10%.

S&P expects technology export growth to peak soon but remain robust over the next 12 months. Non-technology exports are also expected to benefit from continued global economic expansion.

The agency said the AI investment boom, particularly in the United States, had helped global growth withstand pressure from elevated energy prices.

S&P’s purchasing managers’ index data showed input costs and supplier delivery times remained elevated amid high oil prices linked to the Middle East conflict, while rising consumer inflation was weighing on purchasing power in the United States and Europe.

Global industrial sentiment nevertheless remained resilient through August, including across Asia-Pacific, supporting S&P’s view that global growth would hold up in 2026 and 2027.

The technology-led export boom has been particularly important for economies such as Taiwan and South Korea.

S&P said the share of AI-related exports from the two economies to destinations outside the United States had increased in 2026.

While some of the increase could reflect supply-chain adjustments, it could also indicate that the AI investment boom is broadening beyond the United States.

The agency warned, however, that Asia-Pacific’s growth outlook remains exposed to a potential slowdown in AI-related spending.

Much of the initial AI investment has been undertaken by a relatively small group of companies, particularly U.S. hyperscalers, leaving the technology supply chain vulnerable to changes in their investment plans.

China illustrates the uneven nature of the region’s growth outlook. S&P expects the Chinese economy to grow 4.3% in both 2026 and 2027, with weak domestic demand offsetting strong exports.

Consumption and investment remained subdued through August, reflecting a prolonged housing downturn, weak confidence and fiscal contraction during the first seven months of the year.

S&P estimated that real retail sales fell 0.4% year on year in August, while fixed-asset investment declined 12.9%.

New residential housing sales during the first eight months of 2026 were 52% below the same period in 2020, while housing starts were 79% lower.

“Domestic demand is unlikely to accelerate over the next quarter at least,” S&P said, citing subdued confidence and modest fiscal and housing-market stimulus.

Exports have continued to surge, partly because of the AI-related technology boom.

Both volumes and prices of technology products have increased, while the processing sector has benefited from stronger demand for components used in products that are subsequently re-exported.

S&P said stronger technology exports had also helped revive China’s processing sector, which had been weak for an extended period.



Is AppLovin Stock Actually Cheap? What Rising Advertiser Spend and ROAS Signal for Long-Term Investors


Mobile advertisers may be seeing impressive returns, even as some question AppLovin (APP -0.55%) and its hard‑to-love creative strategy. Explore the core economics, advertiser behavior, and key risks in this evolving adtech story by watching the video below.

*This video was published on Sep. 8, 2026.

Jon Quast has no position in any of the stocks mentioned. Jose Najarro has no position in any of the stocks mentioned. Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Brahma Reddy About ABM Course | Agriculture Business Management Jobs | Midas Educational Services



Brahma Reddy About ABM Course | Agriculture Business Management Jobs | Midas Educational Services | iDreamCampus

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Cornell Wants Admissions To Reward ‘Enough’ Instead Of ‘The Best’ — And Blames The Common App


Key Points

  • Cornell’s report on the future of college says AI can make students look like they’re learning when they aren’t. It wants class technology used only when the instructor allows it.
  • The report says admissions should reward students who are “well above the bar” instead of the most credentialed. It also calls for more openness about legacy and other special-case admits.
  • Cornell’s sticker price hit $92,844, and the report calls the high-price, high-aid model “opaque by design.” It wants families to know what they’ll pay when they apply, not after they’re accepted.

Cornell University’s Committee on the Future of the American University released its final report (PDF File) last week to highlight their ideas on what the future of education should look like.

The 238-page document was written by 18 faculty members who spent a year meeting with more than 6,000 students, staff, alumni, trustees, officials, and outside critics across 250-plus meetings and events. It arrives as Americans’ confidence in higher education has fallen to 38%, down from 57% when Gallup first asked in 2015.

Provost Kavita Bala convened the group to study three forces: AI, the strained relationship with the federal government, and falling public trust. In the Cornell Chronicle announcement, Bala framed the central question directly: “Is a university education still worth it? The committee’s answer is a resounding yes – if we clarify and renew the university’s purpose.”

Families running their own college ROI math will notice the conditional in that sentence.

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Why It Matters

Most of the recommendations are written for Cornell, but they apply to ever college. The report concedes that questions about “the cost of a college degree, the economic return for families carrying significant debt, and the role of wealthy institutions in a democratic society” are fair, and that universities “have too often deflected rather than engaged” them.

That admission lands at a time when college costs have risen three times faster than inflation by federal measures.

The Four Big Ideas

1. AI Threatens How Students Learn, Not Only How They Cheat

The committee places a big focus on AI because it “can produce the appearance of learning without the intellectual formation that makes learning meaningful and durable.” Its bluntest line: “A student who uses AI to produce an essay has not learned to write.” Bill Gates raised a similar concern about heavy AI use.

The fix is not a ban on using AI. The report wants the university to “lean in” and “lean out” of AI, build AI judgment into every major, and adopt a campus-wide rule that laptops, phones, and other tech are used in class only when the instructor explicitly invites them.

It floats optional tech-free dorms and a “tech detox” summer program before enrollment, and calls for faculty and student-life staff to act as “co-educators” rather than two separate operations. That matters as AI reshapes which majors students pick in the first place.

2. Admissions Should Reward “Enough,” Not “Most”

The committee blames the Common Application’s easy multi-school filing for a feedback loop: more applications drive lower admit rates, which push students to apply to even more schools. The result, it argues, turns high school into an exercise in personal branding.

Only 4% of four-year college students attend schools that admit fewer than 20% of applicants, yet those schools set the rules everyone chases.

Cornell’s proposed shift is a process that “rewards sufficiency (being well above the bar required to succeed) over being demonstrably ‘the best.’” The report also asks schools to publish evidence that their criteria predict student success, cap how many extracurriculars count, and explain how they handle legacy and other special-case admits.

It cites research finding legacy preferences explain almost half of the admissions edge top-1% families hold at Ivy-Plus schools, and mentions a medical-school-style matching system as a more radical option.

3. The High-Sticker, High-Aid Model Is Eroding Trust

Cornell’s total cost of attendance hit $92,844 for 2025-26, while median household income sits near $84,000. The average net cost after grants was $65,370, which illustrates what the report calls “opaque by design.”

Nationally, private nonprofit sticker prices reached $60,920, but the average amount paid was about $32,830, roughly flat after inflation for 20 years. We’ve covered that sticker-versus-net price gap repeatedly.

The committee recommends a task force to design a new tuition model and says, “Ideally, families will know their cost before or at the time of application, not at the time of acceptance.”

It rejects copying the free-tuition-under-an-income-cap offers spreading among elite schools, noting 83% of Cornell’s institutional grant aid comes from its operating budget, not the endowment. It also admits Cornell can’t currently answer whether it makes or loses money by enrolling more students.

4. Universities Have To Earn Back Public Support

The report calls the post-World War II research partnership with Washington “under severe strain” and warns that “A university that can only ask the questions its funders approve is no longer a university in any meaningful sense.” Schools like MIT are already shrinking graduate admissions as federal research funding drops.

Its answer is to earn back trust by showing up locally. The committee points to 2025 survey data showing 76% to 79% of respondents view universities’ community and healthcare impact positively, well above confidence in higher ed as an institution.

It proposes rewarding public-impact work in tenure decisions and creating professorships of public impact in every college. Graduates show a similar split: 90% report a good college experience, but only 70% say it was worth it.

What Cornell Says Shouldn’t Change

The committee explicitly rejected three popular ideas:

  1. Shifting to online-only degrees
  2. Imposing a single university-wide core curriculum
  3. Turning the undergraduate degree into vocational training.

On graduate education, it backs calibrating tuition by program and lowering prices where that expands enrollment, requiring a break-even budget case before launching new master’s programs, bringing back the M.Phil. as an exit credential for students who stop before finishing a Ph.D., and exploring a subscription model for lifelong learning.

Those ideas carry more weight now that new federal graduate loan limits are squeezing master’s programs.

How This Connects

Cornell follows a Yale committee report on trust from April 2026, and both land as more families question whether expensive colleges are worth it.

For reference, 31% of Cornell students graduated with debt in 2024, averaging about $30,000.

What’s Next

Provost Bala endorsed the report and said Cornell will “take action to address each of the report’s proposed commitments.” The report proposes a standing Future of the American University Forum to turn recommendations into pilots.

The tuition task force is the item to watch, because any change to Cornell’s net price would pressure its Ivy peers.

Editor: Colin Graves

The post Cornell Wants Admissions To Reward ‘Enough’ Instead Of ‘The Best’ — And Blames The Common App appeared first on The College Investor.

Smart Ring CEO Told Investors Apple Backed Her and Walmart Was Buying. It Was a $2 Million Ponzi Scheme



Michelle Bisnoff was convicted of fraud after using a big-name sales pitch to raise money for a patented ring she didn’t own. Esos Rings sold just 6 on Walmart.com; 3 were returned.

Why some commercial property types are recovering faster than others


He said the buyers succeeding in retail today are pricing in a cushion to cover any future disruptions to the market.

“There’s enough juice in there,” Muller said. “You never know what to expect next year. We’ve seen what happened with the pharmaceutical industry and Amazon, and online shopping can continue to put stress on the overall market.

“Experienced owners of retail are continuing to buy at these caps because they have built in enough juice that if my tenant is going to give me notice in a year or two, or my tenant’s business plan changes, there’s enough built in. The successful people now in retail know that it’s an ever-evolving market.”

Muller said that same willingness to rethink a property has shown up before in retail assets that could no longer compete as originally built.

“We had old indoor shopping centers turn inside out, where the exterior became retail, and the rear became industrial,” he said. “The perimeter became retail, the inside became industrial or flex space. Guys, depending on location and size, are trying to be creative instead of just knocking down the building.”

Venmo Credit Card Changes Rewards Structure, Adds Up to 4% Category


Venmo Credit Card Changes Rewards Structure,

The Venmo Credit Card has changed its rewards structure for new applicants, replacing its old dynamic 3% and 2% spending categories with a new setup focused on dining, entertainment, streaming and Venmo purchases. The good thing is that existing cardholders are keeping the old structure for now.

With the refresh, the card earns:

  • 3% back on dining, entertainment, streaming and purchases made with Pay With Venmo
  • 4% back on dining and entertainment when you split the bill with a friend on Venmo and they pay you back for part of it
  • 1% back on everything else

Previously, the Venmo Credit Card automatically earned 3% back on your top spending category and 2% back on your second-highest spending category. Those features are being removed for new cardholders.

The card still has no annual fee and currently does not have a signup bonus. You can find more details here.

Guru’s Wrap-Up

This makes the Venmo Credit Card less flexible than before, since you can no longer earn 3% back automatically on whichever eligible category you spend the most in.

The new 4% option can be useful for dining and entertainment, but the requirement of splitting purchase through Venmo adds a cumbersome step. Existing cardholders are grandfathered into the old earning setup for now and we don’t know how long that will last.

HT: DoC

US helps double oil volume exiting the Gulf, with the military now guiding ships in broad daylight


President Donald Trump signaled he’s in no hurry to make a deal with Iran and rejected Tehran’s latest proposal, as the U.S. military facilitates the transit of more oil through the Strait of Hormuz.

The Islamic Republic had reportedly offered a seven-day ceasefire, during which it would fully reopen the strait and resume nuclear talks. In return, the U.S. would lift its naval blockade, unfreeze Iranian assets, and end sanctions on its oil exports.

“They want to make a deal and I think that’s fine,” Trump told reporters outside the White House on Saturday, saying Iran is “losing so badly.” “I’d like to make a deal, too. But that deal would not be acceptable.”

In addition, he has privately told aides that he expects to resume bombing Iran after the midterm elections when high gas prices will be less of a political consideration, according to the Wall Street Journal.

Such bravado comes as U.S. officials believe time is now on their side and no longer on Iran’s side. The U.S. naval blockade is crushing Iran’s economy, and new financial sanctions are tightening the screws even more. At the same time, oil markets have been much more resilient than expected.

While crude prices remain high, with refined fuels facing a bigger shock, markets have yet to see catastrophic extremes, even as the Iran war and the strait’s closure approach their eighth month.

That’s because the strait is only partially closed with more oil getting out in recent weeks under the protection of the U.S. military.

On Wednesday, Tanker Trackers estimated that the total amount of crude oil exiting the U.S. blockade line is now 13 million barrels per day.

“The numbers have doubled in less than a month,” it said in a post on X.

That’s partly due to Saudi Arabia shifting its oil shipments back through the Persian Gulf, Tanker Trackers added, after previously diverting them via the East-West Pipeline for export from Red Sea ports.

But attacks by Iran-backed Houthi and Iraqi fighters on Saudi oil infrastructure prompted Riyadh to hold off on using that bypass.

Tanker Trackers also attributed the recent surge in oil coming out of the Persian Gulf to daytime transits via the Strait of Hormuz with U.S. Central Command’s help.

U.S. Air Force F-16 Fighting Falcon aircraft fly in the U.S. Central Command area of responsibility Sept. 16, 2026.

U.S. Air Force photo by Tech. Sgt. Tiffany A. Emery

Similarly, oil expert Rory Johnston estimated that about 13.5 million barrels a day are now clearing the strait, based on the latest seven-day average.

That’s still well below prewar levels, forcing global reserves to drop further toward critical lows, but it’s about the same as the brief peak in July, when a U.S.-Iran ceasefire allowed traffic to rebound.

The respite quickly fell apart, and attacks on shipping resumed. The U.S. military continued guiding ships through the contested waterway, but those operations took place at night to lessen the odds of being targeted by Iranian missiles and drones.

The nighttime restriction limited how many ships could get through each day. Then the U.S. military conducted a series of airstrikes that degraded Iran’s ability to detect commercial vessels attempting sneak out. The Navy also cleared mines from the strait’s main corridor.

With the Iranian threat against ships now waning, a U.S. official told Axios earlier this month that the military and Gulf countries began conducting daytime transits of tankers through the strait.

To be sure, it’s expensive to move oil through the strait amid the ongoing threat of Iranian attacks. Shipping companies must pay crews more to take on the added risk, while insurance coverage also is costlier.

“I continue to stress that while a lot of oil is getting out of Hormuz the cost of getting those barrels out is very high ($30-40+/bbl, excluding the cost of the US military),” Johnston pointed out. “That doesn’t work if global prices fall (or Gulf exporters try to press their prices higher)”