The moment of truth is just about here.
The Strait of Hormuz has reopened, for now, and Middle Eastern countries that shut off their oil wells during the war (the term is actually “shut in”) are about to turn those valves back the other way and find out what they’ve got.
It could be a gusher. Or, if President Donald Trump’s predictions were accurate, a series of underground explosions could cause the oil wells to deliver a trickle.
That’s highly unlikely. But, as with most of Trump’s sensational claims, there’s at least a kernel of truth to it.
Shortly after Iran effectively shut down the Strait of Hormuz to foreign tankers, local energy producers ran out of places to store the accumulating oil and gas. Many neighboring Middle Eastern wells had shut in their production. The threat of drone attacks forced several Saudi, Emirati and Iraqi facilities to shut in during the war, too.
