WHEE! Oil Prices Will Surge In Coming Weeks Due To Hormuz Backup (opens in new tab)

The oil industry has warned the Trump administration that a Hormuz-sized hole in the world’s petroleum market is steadily draining inventories to levels that are likely to send global energy prices surging in the next several weeks, Industry executives told senior White House officials and Cabinet members in recent weeks, the people said. The warnings came as recently as late last month as data from the U.S. Energy Information Administration and other sources began showing that fuel makers we...