Why Are Oil Prices So Low? (opens in new tab)

The odds of the Strait of Hormuz re-opening by July 1st is at all time lows; and yet the front month (July) Brent is at only $111. Figure 1: Brent spot price, in logs 3/18/2026=0 (blue), cash price (light blue), and odds of Strait of Hormuz remains closed as of 7/1/2026 (red). Source: EIA via […]