Trump has no remaining levers to pull as oil hovers near the $100 ‘psychological’ threshold - Fortune
Trump has no remaining levers to pull as oil hovers near the $100 ‘psychological’ threshold - Fortune
Source: Fortune
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DW NOTE
Trump inherited a Hormuz closure that has lasted 148 days and destroyed 5 million barrels of daily demand. Oil at $89 isn't high because markets are tight — it's high because a quarter of global pre-crisis supply is still offline and no one believes the June ceasefire will reopen the strait. The strategic petroleum reserve is already drawn, OPEC spare capacity was exhausted months ago, and demand destruction is doing the Fed's work for it. There are no levers left because they were all pulled in the first 90 days.