The Strait of Hormuz Has Been Closed for 100 Days. Why Aren’t Oil Prices Higher?

Last week, President Trump claimed a secret mission moved 100 million barrels of oil through the Strait of Hormuz despite a blockade. This claim adds to the confusion in the oil industry about how much oil is actually being transported. The difficulty in tracking oil movements is due to the “dark trade,” where ships turn off their tracking systems and move stealthily. Some oil types can be traced back to their origins, but the full scale of the oil movement remains unclear. Despite the blockade, oil prices haven’t skyrocketed because countries like China have large reserves, and other nations like the US, Brazil, and Canada have increased their supply. However, experts warn that these reserves won’t last forever, and the situation could change if the strait remains closed. QUESTION: How might the ongoing disruption in oil supply through the Strait of Hormuz impact global economies and your future?