Crude oil prices plunged below $70 per barrel at the beginning of the week, and energy markets largely considered the Iran war over and done with as modest traffic flowed again through the infamous Strait of Hormuz.
But nearly 1 billion barrels of worldwide petroleum reserves are now depleted and not being replenished. At the same time, mothballed refineries have yet to come back online, China still hasn’t resumed importing large oil volumes, and now President Donald Trump has declared the interim peace deal “over” amid new drone and rocket exchanges.
