Fossil Fuels
Why $100 oil no longer scares equity markets, Stephen Jen
Why are global equity markets so resilient to the Iran Oil shock? Oil at $100 per barrel 'doesn’t mean the same thing it used to. Brent crude is up around 70% in price since the Iran War began on February 28, to $120 per barrel as of Thursday morning. Despite their volatility, global equity markets are still significantly above pre-war levels. There are a number of explanations but the most important one is rooted in mathematics. Fatih Birol is the head of the International Energy Agency. He has called the current oil crisis the worst ever - worse than the...