Global energy markets are on the verge of a disaster

Traders of oil futures are a sunny bunch. On April 17, after Iran’s foreign minister declared the Strait of Hormuz “completely open”, the price of Brent crude fell by 10 per cent, to $US90 a barrel.

Within hours, Iran reversed course and attacked an Indian tanker. The next trading day, the global benchmark rose by just 5 per cent. It remains about $US20 below its high in late March, even though a US blockade on Iranian oil means even more oil is trapped in the Gulf.

Source: https://www.afr.com/companies/energy/global-energy-markets-are-on-the-verge-of-a-disaster-20260422-p5zq44