HORMUZ OIL FLOWS CRASH 60% BELOW PRE-WAR LEVELS – w/ Prof. Steve Hanke - t.co
HORMUZ OIL FLOWS CRASH 60% BELOW PRE-WAR LEVELS – w/ Prof. Steve Hanke - t.co
Source: t.co
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DW NOTE
The Strait has been effectively shut for four months. U.S. mine-clearing operations won't finish until October at earliest. Oil flows through Hormuz are down 60% and the IEA expects demand to fall 1.6 million barrels per day this year because prices stayed high long enough to destroy consumption. This is what happens when a fifth of global supply disappears: prices spike, then demand breaks.