Oil has surged to $100, but the energy shock may be bigger than it looks - Business Insider
Oil has surged to $100, but the energy shock may be bigger than it looks - Business Insider
Source: Business Insider
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DW NOTE
Oil hit $100 because the Strait of Hormuz has been shut for 148 days and traders finally stopped pretending the June ceasefire would reopen it. The real shock is that WTI is still 21% below its one-year high while global demand has collapsed 5 million barrels per day — meaning the supply crunch would be far worse if anyone were still buying at normal levels.