Why the Strait of Hormuz closure didn’t push oil prices sky-high
The Strait of Hormuz — the narrow waterway between Iran and Oman — carries about a fifth of the world’s seaborne oil. When Iran effectively closed it at the start of the 2026 war, the forecasts were apocalyptic. Analysts talked about $150 a barrel. Some said $200. A 1973-style oil shock, on steroids. It did … Read more