Odd Lots: Rory Johnston on Why Oil Didn’t Hit $200 (Podcast)
Bloomberg 2026-06-26 08:00:00
Context: The Strait of Hormuz, a critical waterway for oil shipments, had largely reopened after being closed due to the start of a war with Iran. Despite initial predictions of surging crude prices to $200 per barrel of Brent oil, prices remained elevated but did not reach the forecasted levels. Rory Johnston, founder of the Commodity Context newsletter, previously predicted $200 oil if the Strait's closure persisted, and has now returned to share his insights on the market.
Key Facts
- The Strait of Hormuz has mostly reopened after being closed due to the start of a war with Iran, which had led to concerns about oil supply disruptions.
- Crude prices are still up since the start of the war with Iran, but did not reach the predicted level of $200 per barrel of Brent oil.
- Rory Johnston, the founder of the Commodity Context newsletter, had previously predicted that the closure of the Strait of Hormuz would lead to $200 oil if it persisted for any length of time.