The greatest oil shock in history seems to have passed with only fleeting effects as prices plunge. It doesn’t really add up.

Oil prices are sliding on hopes of a Hormuz supply flood, but analysts warn the rebound is driven by stranded tankers, not new flows.

Oil prices saw an uptick as renewed US-Iran tensions in the Middle East disrupted shipping through the Strait of Hormuz. Despite reports of a potential de-escalation and renewed…