Following on from a post I made three days ago about how we have all these different excuses for why prices are rising. I have to take my hat off to @SallyBundockBBC this morning, who, like me, is shocked to learn that oil prices have barely twitched since Trump announced his blockade of Iranian ports. So which is it? Are the price hikes because of Iran or not? I smell a rat.
Adam Dalliance
in reply to dick_turpin • • •Oil prices aren't much different than last week, but they're still 50% higher than before March and the war started.
One blockade or two, still cuts off that route either way so adding the second one doesn't make much difference, but the oil that lubricates and facilitates trade and manufacturing has a 20% lower global supply and a 50% higher price than before the spring with no sign of that ending soon.
dick_turpin
in reply to Adam Dalliance • •Adam Dalliance
in reply to dick_turpin • • •Yeah, the futures market reacts on what it expects to happen. Makes it volatile.
Fuel coming out of the pumps today in the UK shouldn't be much affected for a month or more, but they are coz the forecourts use that futures price I guess.