Crude Oil and The 900-Million Barrel Question

The legendary energy trader John Arnold, recently made an interesting post on X: The fair market value of oil ticks up every day that goes by without an articulated plan for how to end the war’ It’s over 70 days since the US-Iran-Israel war started and the Strait of Hormuz has been made unnavigable; in this period, oil prices have gyrated wildly — up 39 per cent since day zero of the war, yet also down 15 per cent from the March 9 peak. As the tug of war plays out in the commodities exchange, at stake are the global…