If the Strait of Hormuz doesn't open soon, as seems likely, there will be a massive economic crash

[GreatGazoo]

7. Completely wrong.

It's fun to think everything is the end of civilization but it is no way to do financial planning.

Fear mongering gets clicks but "98%" has no numbers for their hysteria. Here is what they leave out:

- China is the biggest customer for Iranian oil. China cut oil use by 9% in the first two weeks of the war. Meanwhile Iran tripled the amount of oil that is shipped by rail to China.

- China has over 1-billion barrels of oil in reserves

- the Strait is not closed. It isn't wide open but it isn't closed therefore this statement is a fear mongering lie: "For three months, a fifth of the world's oil has been cut off"

- Oil supply increases as the price goes up. Venezuela and Saudi Arabia have increased output.

- Exxon is so worried that oil price will continue to fall that they are pushing a narrative about "Dry on the 4th of July". It rhymes so it sounds true. It isn't.

The truth: Oil futures decline steadily each month. Oil gets cheaper every month. You can buy at under $80 a barrel right now if you are taking delivery in December.

https://www.cnbc.com/2026/06/03/the-three-reasons-why-oil-is-staying-below-100-a-barrel.html