Bob Elliott
· Nonconsensus
· April 22, 2026 at 10:36
· ⏱ 4 min read
| Read on Substack ↗
Summary
The author contrasts the volatile political rhetoric surrounding the Iran conflict with the stable, harsh reality of the physical oil market. Despite shifting news, the Strait of Hormuz remains closed, leading to a massive 13 million barrel per day supply cut, elevated physical prices, and all-time highs for many petroleum products.
•Political rhetoric and news headlines concerning the Iran war are highly volatile and change daily.
•The physical market reality is constant: the Strait of Hormuz is closed.
•This closure has resulted in a 13 million barrel per day supply cut.
•Consequently, physical oil prices are elevated, and many refined products have reached all-time highs.