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Iran tells world to get ready for oil at $200 a barrel as it fires on commercial ships
(www.reuters.com)
this post was submitted on 11 Mar 2026
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Demand destruction will start happening well before it reaches $200/bbl.
Prices of $120-140 begin demand destruction and economic recessions (as 2022 showed), with destruction accelerating past $160. Transportation costs doubling will put almost immediate halts on capex planning for most organizations. I would be surprised if sustained prices beyond $160/bbl could exist for more than a couple weeks before the global economy tail spins so fucking hard it immediately stops consuming the oil supply lost from the strait of Hormuz.
Are you sure you aren't underestimating the huge volume of demand that needs to be destroyed? I believe something like 20%-25% of demand needs to be destroyed, in both the crude and LNG markets.
The last time demand was 20% lower than baseline was during the two worst months of Covid, when the majority of people were staying inside their home
So the question is: how high does the price of oil have to get in order to force people to consume like they did under the worst of Covid?
I'm no economist, but my gut feeling says it will be sustained significantly higher than $160/barrel.
Industrial activity was still up during covid though, with all the shortages and everything most manufacturers were still running flat out. This demand destruction would be at the very base of consumption, not driven from the top consumer.
There's also renewables. Solar is already cost competitive and there's no way EVs aren't flying off the shelves right now
Too late. Manufacturing and installing renewables or EV's or literally anything requires diesel.
The entire industrial supply chain is still built on diesel with decades to go before the current glacial pace of electrification makes a significant dent. A massive energy crunch is just going to make renewable buildouts even more materially constrained and astronomically more expensive, there is no way out without economic collapse. The current economic system is not designed around anything other than fossil fuels and will refuse to complete a changeover until no other options exist, which will usually mean billions of homeless starving people getting fucked over.