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But we saved everything 🙂.
Robin Brooks highlights that the current surge in oil prices marks the third major panic since the war began.
Brooks notes the Strait has been closed for three months, emphasizing that there is no new information to justify prices rising further.
Brooks previously suggested that a peace deal could bring Brent crude down to $85 a barrel and lower U.S. gas prices to $4 per gallon, citing reduced risk premiums (details). In early April, he observed a market disconnect as oil prices fell while expectations of further Fed rate hikes persisted (article). These views add context to his current assessment of oil price volatility.