Oil Prices: $200 a Barrel? Oh, Do Tell Us More, Iran!

In a move that would make even the most seasoned alchemist proud, the IEA’s 32 member countries-those paragons of unity-unanimously agreed to unleash their strategic reserves. This, the largest emergency release in the IEA’s 52-year history, is meant to counter the supply disruptions caused by the Middle East’s latest round of “let’s see who can out-stubborn whom.” The Strait of Hormuz, that narrow strip of water more contentious than a dwarf with a grudge, has seen its traffic drop to a mere 10% of normal levels. Oh, the drama!







