Traffic in the Strait of Hormuz remains at a standstill, with the US President saying the ceasefire is on "massive life support". Dubravko Lakos, Global Head of Market Strategy at JPMorgan, says inventories have helped to offset to the energy shock so far, but we're now heading towards so-called "operational stress levels" that could potentially force the reopening of the Strait. Lakos joined Bloomberg's Francine Lacqua at JPMorgan's Global Markets Conference in Paris.