Since the war in Iran has been going on, oil prices have been going up.
But they actually haven't gone up as much as people thought.
How high are oil prices right now?
They are high, but they could be higher.
And something that's been stunning to a lot of people is, why isn't it higher based on what's happening
and the extent of the disruption?
That's our colleague Benoit Moran, who covers the oil industry.
You know, for most of the year, people were like, oh, we're going to drive off the cliff.
And then we're like, oh, actually, wheels are still on the ground.
We're OK.
Could be worse.
For the last few months, the world has found workarounds to keep the worst case scenario
at bay by doing things like tapping strategic reserves or releasing sanctioned oil.
But now it's starting to look like the world is running out of those Band-Aids
and oil executives are ringing the alarm that prices are about to go up.
We've bought time for the past six months.
And now time has finally run out, right?
All those solutions are finally gone, right?
And people are, again, talking about, oh, we're going to be potentially hitting tank bottoms,
which is when crude levels are so low in tanks that you literally cannot pull it out.