Hormuz closure: Why crude oil prices haven’t spiralled out of control

Brent crude prices in the spot market briefly surged to around $144 per barrel before easing as markets adjusted. Yet as ADB notes in its report - despite this unprecedented supply shock, crude oil prices did not reach levels seen during the 1973 Arab oil embargo or even the 1990 Gulf war, if one...

First seen 3h ago · latest update 3h ago · India · business