Strait of Hormuz closure: Why crude oil prices haven’t spiralled out of control amid US-Iran conflict
Brent crude prices in the spot market briefly surged to around $144 per barrel before easing as markets adjusted. Yet as ADB notes in its report - despite this unprecedented supply shock, crude oil prices did not reach levels seen during the 1973 Arab oil embargo or even the 1990 Gulf war, if one were to inflation-adjust the prices.
