Drill pickle: oil prices still misjudge shock

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  The Economist.

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  Hello and welcome to The Intelligence from The Economist.

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  I'm Rosie Blau.

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  Today on the show: who will stand in France's pivotal presidential election,

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  and Brazil's chances at this summer's World Cup.

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  Oil prices have hit their highest level since 2022.

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  The price of Brent crude, the global oil benchmark, passed $125 a barrel

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  as hopes for a swift end to the conflict in Iran evaporated.

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  This week too, the United Arab Emirates announced it was leaving OPEC,

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  the oil cartel that, theoretically, keeps prices and supply stable.

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  The sustained blockage of the Strait of Hormuz, through which roughly a fifth of global oil consumption flows,

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  once seemed unimaginable.

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  Now we're experiencing the biggest supply shock in the history of the oil market.

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  Yet highest prices are today, they may not yet reflect that reality.

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  If you look at oil prices, you wouldn't really believe that we are on the brink of energy apocalypse.

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  Matthieu Favas is our commodities editor.

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  And that's because oil prices today, Brent crude the global benchmark,

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  is still lower than it was at the peak of the Russia-Ukraine crisis of 2022.

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  Yes, petrol is a bit pricier.

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  Yes, it costs more to buy a plane ticket.

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