Oil hits $100 a barrel despite deal to release record amount of reserves

npn

it's not like they found anyway to open the Hormuz strait, why should the price be lower. one again the world suffers thank to US stupidity.

measurablefunc

That's because oil tankers are going up in flames: https://www.youtube.com/watch?v=OTzdxq0trb0

msy

This theory of how the US loses in Iran is looking increasingly likely: https://kasperbenjamin.substack.com/p/why-the-us-will-lose-t... It's going to be incredibly difficult to stop Iran being able to kneecap both the global economy and in particular the gulf states, who are going to be motivated to put maximum pressure on the US to sue for peace. Incredible hubris and a lobotomised diplomatic and intelligence infrastructure in the name of ideological purity, quite the combination.

_heimdall

The stat has been raised frequently of late that 20% of the world's oil floes through the Straight. My understanding is that its 20% of total oil , but that around half of all oil production is used domestically where it is produced and never enters global markets. Unless I missed something when fact checking that, Iran is capable cutting off 40% of all purchasable oil.

Waterluvian

I think it’s wild to me just how much my mainstream news doesn’t feel like it’s covering some of what’s really going on. I have to go to YouTube to see that Iran is successfully fighting back in many ways including hitting oil tankers and depots. Not that I’m claiming the CBC and such are doing something sinister here. Just that I no-longer get the full story vibe I recall getting back in previous U.S. wars.

ggm

Price moves have hysteresis. The risk element in moving Oil hasn't gone, and the companies are looking to recover lost income in the month(s) and so whilst there is supply, there aren't necessarily boats in convenient places, or complete freedoms to walk off contracts. Give it 30 days, things might have changed.

nchcss76

I feel this is good. It will push economies towards more alternatives(nuclear/solar/wind etc), increase electrification of transport/cooking. Amazon saw India induction stove sales jump 30x after LPG supply hit issues. There is no real reason to be importing expensive gas for cooking, when the induction stove are just much more efficient and cheaper. This is one way to change existing habits that people find uncomfortable letting go off.

keyle

The irony of drill, baby drill, and removing the environmental restrictions, encouraging the sale of petrol cars... And then causing the prices to be jacked up. 2026 I swear..., I'm expected a post on top of HN any day about "i've written all code by hand this month, here is what i learnt".

notepad0x90

https://polymarket.com/event/will-crude-oil-cl-hit-by-end-of... I wonder how prediction markets are affecting all this.

fulafel

This is worrying about trivialities. We need to be rapidly phasing out fossils usage to mitigate the climate catastrophe. Which of course requires a much much smaller supply of oil. There should be ~ $250/barrel cost added to the market price to account for externalities (barrel of oil releases 0.43 tons of co2 and avg social cost of carbon from https://arxiv.org/html/2402.09125v3 is $500+/ton)

Animats

Saw a Chevron station in Silicon Valley today with a price above $7/gallon. That's not typical, but it's real.

siliconc0w

It's going higher, there is no viable TACO here and they can keep the strait shut indefinitely. Plus the longer it goes, the harder it is to bring back up production or refining capacity.