Yesterday witnessed a whipsaw for the ages on the oil markets. At the start of the day, when I looked at the news, everything sounded like it was going to be unspeakably dire. The Strait of Hormuz seemed like it was about to shut down for the first time in recorded history. Oil prices were skyrocketing. Markets were tumbling.
I held off looking at the stock market numbers all day—in part because I couldn't bear to witness the carnage. But when I finally dared to check them after markets closed at four, I blinked in incomprehension at what I saw. Everything was green. The numbers had all gone up by the end of the day. And oil prices were back down.