Earlier this month i made a post where I basically questioned the price of oil with this ongoing war in iran. I questioned why the price of oil did not go up drastically and made some predictions as to what i think might happen with the war. Well this week i have my answer to the oil questions Multiple countries including japan and america opened their oil reserve flooding the market to make up for the loss in oil flow. This helped to cushion the blow of the oil glut but didnt totally replace the missing millions of barrels needed to keep prices low. Which is why we still saw increases in oil prices all around the word and oil shortages. Additionally, china decided for some reason to completely halt any additional purchases of oil which reduced the oil demand drastically allowing for price stability and even oil price decreases. Now with the war escalating and the houthis looking to close off the other side of the strait which saudi arabia has been using to circumvent the damage of hormuz. This will likely skyrocket the price with or without chinas need to purchase oil. It is said that china potentially has enough oil to last them a year and are even switching to importing coal as another power source. But they could also use the oil demand that they are neglecting to basically manipulate oil prices. If they start putting in bids to buy oil that demand alone could skyrocket global oil prices. Its just a theory but i can forsee elevated oil prices for the next year depending on how long this war rages on. I'm waiting to see just how this oil glut boost revenues for oil stocks in the near future.