Rory Johnston (oil expert) on what's happening in the oil markets

Rory Johnston runs Commodity Context and has spent years tracking the oil market — and he is someone who, by his own admission, is normally the calm one in the room. The fact that he is genuinely alarmed right now tells you something. Since February 28th, the Strait of Hormuz — a 34-kilometre stretch of water that carries roughly 20% of the world's oil supply — has been closed. Asian governments are in panic mode. Flights are being cancelled because jet fuel is running short. India is already feeling the squeeze, particularly on LPG. And yet, financial markets haven't fully caught up with what the physical world is already experiencing. We got Rory on a call to explain what is actually happening and where this goes from here. We spoke about why this is the largest oil supply shock in history, why Brent crude should already be significantly higher than it is and what is holding it back, what the "air pocket" moving through global supply chains means for when the pain fully arrives in Western markets, why Russia has emerged as the single largest winner of this crisis, what OPEC can and can't do, and what to actually watch if you want to track how this ends — hint: it's not the headline oil price. Twitter: https://x.com/Rory_Johnston Commodity Context: https://www.commoditycontext.com/