’08 China/EM demand was ripping, supply was tight, and financial flows piled into commodities.

Oil ran to ~$147… then collapsed to ~$30 when demand broke.

So yeah, there was “room to run”… until there wasn’t.

This setup is different.

Price is already >$100 with ~20% of global supply tied to an impaired chokepoint.

That’s flow risk, not excess demand.

“Room to run” only matters if the barrels can move.

If Hormuz stays constrained, price doesn’t just run.

It reprices higher, and it can stay there longer.

Yermin

dang…. oil was cheap as hell wasn’t it given that even with this spike we are dealing with $100+ a barrel oil. I vividly remember ‘08 when it was what almost $150 a barrel? We got room to run to get to that without factoring in inflation.