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Why oil’s not at $200 after the biggest supply shock in history

Posted on June 6, 2026
By Business News Today
1 Views
1 min read

Why oil’s not at $200 after the biggest supply shock in history

Global oil prices are defying expectations, staying below $100 a barrel even after the Strait of Hormuz was effectively blocked. Record US oil exports and a significant drop in Chinese demand are helping to absorb the shock. Strategic reserves have been released and alternative routes are being used.