Oil: the worst may be yet to come
Someone was inhaling butane. Energy experts had long been warning that the war in Iran was causing the biggest oil supply shock in history. The closure of the Strait of Hormuz took 14 million barrels per day of crude off the market. To destroy so much demand, they said, the price of Brent should be more than double the pre-war level, sitting well above $150 per barrel. However, oil market operators seemed drowsy. Until April 17, prices were below $90 per barrel. In the last week, amid rumors of a worsening of the fighting, they have started to react. On April 30, prices exceeded $125.