The Iran war is not over, with stock futures in the U.S. falling as markets reflect the economic fallout that will continue to intensify. The Iranian foreign minister had declared the Strait of Hormuz "completely open" and President Trump expressed confidence that peace was imminent. However, PSI Capital stated that the oil system is not yet "normalizing," and that short-term measures to deal with the unprecedented energy shock no longer will suffice. The price of physical oil is still below its high of $144 per barrel. The war has also disrupted supplies of urea (essential for fertilizer) and helium, and European refineries are now finding it so costly to buy and refine oil, that they are buying less of it. Despite these warnings, many analysts believe that a deal is likely due to the lack of progress in the war.