On March 3, I wrote that global oil prices were unlikely to climb to $100 a barrel or higher. I got some things wrong.

First, I did not anticipate the extreme uncertainty that gripped oil markets, causing traders to speculate and pushing prices well above $100 a barrel for a brief period. I also did not expect some traders to go short and wager against higher prices, which pushed oil prices even higher when they were forced to cover their short positions.

The intelligence community fails on Iran

Why Iran’s diaspora doesn't offer an easy governing solution

You know nothing, Tim Walz

I also anticipated a faster reaction by the administration of President Donald Trump to the spike in oil prices, which policymakers are just now taking concrete steps to reverse. It’s another reminder that markets move faster than politicians. Still, I believe my basic arguments warning against an oil price panic stand.

Yes, global oil markets are in a maelstrom. Prices for West Texas Intermediate, the benchmark for United States crude oil, have surged above $100 per barrel for the first time since 2022. In early trading Monday, WTI for next month’s delivery briefly spiked as high as $120 a barrel, a dramatic move that caught many traders off guard. Some oil traders had wagered that the conflict with Iran would be brief.........

© Washington Examiner