The markets' shock absorbers could easily wear out later this summer unless the Strait of Hormuz opens soon.
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Oil prices have defied predictions of even bigger increases than we've seen — but the markets' shock absorbers could easily wear out later this summer unless the Strait of Hormuz opens soon, analysts warn.
Why it matters: If the stockpiles run too low and oil prices surge, prices at the pump — which have been falling lately — could spike again as the midterm elections approach.
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Decades ago, a global oil shock triggered permanent changes to the structure of the global economy. It's happening again.
Gasoline prices also have climbed.
The world's oil stockpiles could approach all-time lows by the end of May due to the Strait of Hormuz closure, according to UBS.
