The Economist: ‘The oil-futures market, in which speculators bet on where the oil price is going, says prices will fall every month for the rest of the year, ending 2026 at about $88. That implies most of this shock will soon be reversed. If so, traders must believe three things are true: that America and Iran will soon strike a peace deal; that their agreement will reopen Hormuz; and that, soon after the strait is clear, petrol and jet fuel will once again be plentiful. All those are in doubt.’

Why?

The Economist: ‘Markets have a poor record of pricing geopolitical risk. And with oil, they struggle to assess the complexities of the physical trade.’

And: ‘The pain of a scenario that oil analysts have feared for decades is approaching. It will not be pretty. Get ready.’

But how? Stop consuming? Learn how to eat rats?

(a sf 2119)