After Iran Says Strait of Hormuz Is Closed Again, Oil’s Risk to Economy Rises Once More - 24/7 Wall St.
After Iran Says Strait of Hormuz Is Closed Again, Oil’s Risk to Economy Rises Once More - 24/7 Wall St.
Source: 24/7 Wall St.
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DW NOTE
Iran has now closed Hormuz twice in eighteen months. The first closure sent Brent to $118; this one has seen it fall to $76. That price collapse tells you everything about demand destruction — the global economy cannot afford $120 oil for long, so it simply stops buying.