Oil price shock incoming

IT’S starting to happen. The real impact from the closure of the Strait of Hormuz was always going to take some time to land. But a month into the war and the physical shortages of fuel are now beginning to appear across Asia, which gets almost all of its fuel from the Persian Gulf. The volatility we have seen so far is driven mostly by skyrocketing freight and insurance. The actual, physical shortages of fuel have not yet hit. Those are now beginning. Perhaps this is one reason why Donald Trump...