A Crude Awakening on Inflation Is Hitting Markets
Hope that the Iran conflict will end any time soon is being abandoned.
The alarm bells are sounding.
Photographer: Asghar Besharati/AP
To get John Authers’ newsletter delivered directly to your inbox, sign up here.
The story seems clear. The Strait of Hormuz is still closed, there’s no longer any pretense of serious negotiations to open it, and oil prices have reacted by blasting upward. Helped along by the United Arab Emirates’ withdrawal from OPEC+, Brent crude — the world’s most followed benchmark — topped $120 per barrel on Wednesday and closed higher than at any time during the conflict.