3 ways the Strait of Hormuz crisis could unfold — and how to position your portfolio for each

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• Markets are fixated on the reopening of the Strait of Hormuz.
• President Donald Trump's decision to postpone strikes has sent stocks soaring and oil plunging.
• Morgan Stanley maps three scenarios shaping oil and investor strategy.

For global markets right now, the reopening of the Strait of Hormuz is pretty much the only game in town.

Any attacks from Iran seen threatening flows through the strait have resulted in an oil-price spike.