Markets just keep ignoring the energy shock that is already here
There are better signs out of the Middle East, but even peace tomorrow won’t stop the existing oil and gas crisis. So why don’t investors care?
For a moment there, it felt like we’d stepped through the looking glass.
After 25 straight days during which the Strait of Hormuz has been shut by the conflict in Iran, and just hours after the Philippines declared a national state of emergency due to the “imminent danger” posed to the country’s energy supply, the price of crude oil slipped below $US100 a barrel and West Texas Crude was back at $US90 a barrel.
