CHG Issue #218: The Week the Map Broke Cedars Hill Group — March 9, 2026 — Last week opened with the realization of a long-held existential fear by the oil market: the closing of the Strait of Hormuz. Oil futures were up on Sunday night but by Monday the ambiguity of that fear began to settle into the market. The waterway itself was not physically closed, but ships could no longer get insurance to traverse the waterway because of the IRGC’s threats. So, Trump being the maste