What ever happened to the oil-price catastrophe we were all bracing for? Two fund managers say that it’s still on the way, and they’re ready for it.
Early in the Iran war, several analysts predicted that oil prices would rise well above $100 per barrel and stay there, particularly if the Strait of Hormuz stayed closed for months. Six months into the war, the Strait remains mostly closed to regular traffic, but prices haven’t come anywhere close to the worst-case scenario. Brent crude, the international benchmark, hasn’t settled above $100 at all in the past month, and it has lately traded just under $90.