Months ago, the received wisdom was that a Hormuz closure would see oil prices skyrocket, presaging the meltdown of the global energy system. What did we all miss?

Energy Intelligence takes stock of how the world buffeted a potential 20 million b/d loss of crude, products and other liquids — and did so with an air of relative calm.

As flow resumes through the strait, an oil surplus may yet again destabilise global energy markets.