Trump predicted an oil catastrophe if the war didn’t end. The clock is ticking
The first is that we had a three-week reopening of the Strait of Hormuz, and just about all the oil that had been locked in the Strait of Hormuz, to the tune of over 200 million barrels, got out.
The third problem is that there’s a potential for this war to go on indefinitely, and the Strait of Hormuz is closed indefinitely, and the drawdown in the SPR has been disguising the seriousness of the war and its effect on fuel prices by continuing to kind of flood the market with oil.
So this is a huge statement from the oil market that they believe Trump, and they think that there’s enough oil on the market to satisfy demand once the strait opens.
This is a summary of the original articles listed below. Always read the source articles for the full context. GhanaSummary does not create or modify the news — we summarise and link to original publishers.
