Hormuz - Friday Late Additional New Info

The Distilled Perspective from the Desk of Patrick T. Bulger
Capital Management & Analytics

As we head into the weekend, the 'Noise' is shifting to Pakistan.

Reports of lower-tier delegates meeting in Islamabad are being sold as a diplomatic breakthrough.

But look at the variables:

Iranian FM Araghchi is there to meet Pakistanis, not U.S. envoys,

while VP JD Vance remains on standby in D.C.

This appears as a 'Holding Pattern.' Meanwhile, the 8:20 AM vs. 8:26 AM contradiction in Hormuz tells the real story:

The physical blockade seems to be intensifying while the diplomatic talk is being 'distilled' for public consumption.

Watch the transit, not the table.

Additional Headline:

VP VANCE IS NOT CURRENTLY PLANNING TO ATTEND GIVEN GHALIBAF, WHO IS VIEWED INTERNALLY BY WHITE HOUSE OFFICIALS AS THE HEAD OF THE IRAN DELEGATION AND VANCE'S COUNTERPART, IS NOT PARTICIPATING EITHER - CNN
11:50 AM · Apr 24, 2026 (Source: @FirstSquawk on X)

This is reminding me of "We Signed A DEAL",
That turned out to be a framework for discussion...
Which doesn't seem like a "Deal"...

Which reminded me of the Trade "DEAL",
That followed a similar pattern...

It's only a "DEAL" after it is signed and executed successfully by the right people

• More Importantly to You:
Is your portfolio management based on the 8:20 AM 'Blockade' headline or the 8:26 AM 'Open' report?

• Staying Informed Is Simple:

Reach out to find out, Click the “Ask” button.

All the best,

PTB

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