The Strait of Hormuz has (mostly) re-opened! Crude prices are still up since the start of the war with Iran, but popular predictions earlier this year of $200-a-barrel Brent didn&rsquo;t pan out. Why is that? We last talked to Rory Johnston, the founder of the Commodity Context newsletter, at the start of the conflict. And in that conversation he said that the Strait&rsquo;s closure would lead to $200 oil if it persisted for any length of time. Today, he returns to tell us what he&rsquo;s learned about the oil market since then. He explains the various factors that kept a lid on prices, including some re-routing, Trump jawboning, and (crucially) surprise import reductions from China. Previous: <a href="https://bit.ly/44sr0if">Rory Johnston on How Oil Could Surge to Over $200 a Barrel</a> Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox, plus unlimited access to the site and app. <a href="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast" data-link-cookie="1" data-destination="https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast">bloomberg.com/subscriptions/oddlots</a>See <a href="https://omnystudio.com/listener">omnystudio.com/listener</a> for privacy information.

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Rory Johnston on Why His $200 Oil Prediction Didn't Turn Out Right

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