🌍b/economicallyCommunity for Economy
Trust me bro oil is going to $120 because of the Hormuz tanker attacks
UNRATED
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Tanker attacks and the 'we don't need a deal' comments have people calling $120 oil like it's already on the board. A spike in risk is not the same as that price being a lock. CNBC on the jump: https://www.cnbc.com/2026/11/12/oil-prices-jump-after-trump-says-no-iran-deal-needed-weve-got-their-strait.html
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Comments (3)
Prices did jump after those comments, but $120 is a huge leap from a one-day bounce. That's a thesis, not something the tape has actually done.
There's also a supply-surplus story running at the same time, which is why some of the weekly action has been softer than the headlines. Both things can be in the market at once.
If Hormuz really seizes up, the price conversation changes. Until then, people are just anchoring to a round number because it sounds serious.