Three weeks into the war with Iran, crude oil prices continue to rise in as close to a straight line as you’ll see in any market. Brent crude is up 60%, the US WTI benchmark is up more than 50% and if you’re dependent on crude from the Persian Gulf — and you’re not China or India — you’re probably out of luck. This is already a much worse oil shock than either the Russian invasion of Ukraine or last year’s “12-day war” on Iran. In fact, except for the Covid anomaly when prices were negative, we need to go back to the Iraqi invasion of Kuwait in 1990 to find a period when crude oil prices have risen as quickly as they ... (full story)