33: Why Oil Markets Bounced Back

Oil markets have experienced significant volatility across much of July, particularly after the dissolution  of a ceasefire between Iran and the U.S., which temporarily reopened the Strait of Hormuz. The resumption of conflict — Iranian strikes on vessels transiting the strait, Houthi threats to vessels attempting to transit the Bab el-Mandeb Strait from the Red Sea, the reimposition of the U.S. blockade, and 13 consecutive days of U.S. strikes on Iran — saw oil prices climb over $100 per barrel, only to settle back again as tensions abated.  In this episode of “The Energy Forum,” Abhi Rajendran and Skip York examine why the market seems increasingly able to absorb geopolitical shocks.   Featured: Abhi Rajendran, https://www.bakerinstitute.org/expert/abhi-rajendran.  Skip York, Ph.D., https://www.bakerinstitute.org/expert/harold-skip-york. You can follow @BakerInstitute and @CES_Baker_Inst on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.